Despite Negative Headlines, 372,000 Jobs Added in June as Labor Market and Economy Diverge
July 8, 2022
Author: Mallory Vachon, Ph.D., Sr. Economist
The economy added a surprising 372,000 jobs in June, down slightly from previous months but well above economists’ expectations. June’s impressive growth is nearly two times the pre-pandemic average, where 200,000 jobs added would be a solid number.
The labor market remains strong, despite broader economic uncertainty and an expected slowdown. With unemployment rates near pre-pandemic lows and nearly two job openings for every unemployed person, U.S. businesses need to focus on retaining talent.
In June, the U.S. economy added 372,000 jobs, surpassing economists’ expectations which ranged from around 240,000 to 275,000. April and May numbers were revised downward by a total of 74,000.
June’s impressive job gains are definitely a sign that the labor market is not cooling. The demand for labor remains strong and most growth metrics are still well-above pre-pandemic levels. Read More
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