The unemployment rate in June remained at 3.6% for a fourth straight month.
For now, there are roughly two posted job openings for every unemployed worker. And the number of people seeking unemployment benefits — a proxy for layoffs and an early indicator of a downturn — remains far below historic averages, although it has ticked up recently.
And hiring could weaken in the coming months. The Fed wants job growth to slow, at least modestly, as part of its strenuous efforts to cool the economy and curb high inflation. The Biden administration, too, has sought to portray any pullback in hiring as part of a welcome transition to a more sustainable economy that will help keep inflation down.
And some companies are announcing layoffs, or have paused hiring. In particular, several large retailers, including Walmart and Amazon, have said they over-hired during the pandemic, with Walmart reducing its headcount by attrition. Fed Chair Jerome Powell has held out hope that the economy will continue to expand even as the central bank raises borrowing costs at its fastest pace since the late 1980s. But Powell has also acknowledged that overseas factors, such as Russia’s invasion of Ukraine, which has elevated gas and food prices, will make it difficult to avoid a recession.
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U.S. weekly jobless claims increase; layoffs hit 16-month high in JuneWASHINGTON (Reuters) -The number of Americans filing new claims for unemployment benefits unexpectedly rose last week and there are growing signs that demand for labor is cooling, with layoffs surging to a 16-month high in June as the Federal Reserve's aggressive monetary policy tightening stokes recession fears. But the weekly jobless claims data from the Labor Department on Thursday was likely distorted by Monday's Independence Day holiday, which resulted in several states, including California, submitting estimates. 'This is what the Fed wants, but it needs to be orderly to avoid an increase in recession risks,' said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.
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US: Unemployment rate to edge back down to 3.5% for June – Societe GeneraleAnalysts at Societe Generale offer a sneak peek at what to expect from Friday’s US labor market report due for release at 1230 GMT. Also read: Nonfarm
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U.S. adds 372,000 jobs in June as job market remains strongThe United States added 372,000 jobs in June, and the data shows professional and business services, leisure and hospitality, and health care industries saw notable increases in workforce participation. abc15
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US Economy Added 372,000 Jobs in JuneThe U.S. labor market performed better than expected in June, adding nearly 50% more jobs than some economists expected. See the potential biases and similarities in reports from cnnbusiness, cnbc and foxbusiness:
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A robust June jobs report clouds outlook for US economyA strong hiring report for June has assuaged fears that the U.S. economy might be on the cusp of a recession — and highlighted the resilience of the nation’s job market
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