BREAKING: Economy added 224,000 jobs in June, beating expectations
The economy gained a whopping 224,000 jobs in the month of June, beating expectations of 150,000 and continuing a generally robust hiring pace that has brought Americans off the sidelines and into the workforce at the highest rate since 1969.The latest monthly employment report, released Friday by the Bureau of Labor Statistics, was hotly anticipated by Wall Street.
Last month's BLS report revealed just 75,000 jobs were added to the economy in May, far below expectations of 165,000. That number was revised Friday to an even lower 72,000. In addition, April's figure was revised down to 216,000 job gains, versus 224,000. Earlier this week, ADP's private payroll report showed just 102,000 jobs added for June, versus 140,000 predicted. In addition, manufacturing numbers for last month indicated a slowdown in production, likely related to the imposition of tariffs, and May import prices fell by the most in five months.after ADP's data was released on Wednesday, with all three indices closing at new highs.
President Donald Trump has repeatedly touted the strong economy as one of the successes of his presidency and believes a rate cut would drive up the value of the stock market, calling the Fed"loco" for hiking the rate four times last year. Former Fed Chair Janet Yellen hiked rates three times in 2017; Trump replaced her at the end of her four-year term
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