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Pace of U.S. Job Creation Accelerates
Employers added 195,000 jobs in the U.S. last month, as hiring grew in most sectors of the economy, the Dept. of Labor reports.
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Employers added 195,000 jobs in the U.S. last month, as hiring grew in most sectors of the economy, the Dept. of Labor reports.
The department also boosted its estimate of employment growth for April and May by a combined 70,000 positions.
The private sector added 202,000 jobs last month in such sectors as retail, hospitality, profession services and construction. Manufacturing lost jobs, except for the auto industry, which hired 5,100 workers. The government shed 7,000 employees, most of them at the federal level.
The unemployment rate, which is based on a separate survey, remained at 7.6%. But that rate was unchanged only because more people began looking for work in June, economists note. They also were encouraged that average hourly earnings in the private sector rose 2.2% from a year earlier to $24, the biggest increase in two years.
The strong jobs report heightens expectations that the Federal Reserve will follow through with a plan to phase out its bond-buying stimulus program.
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