Economy Added 372,000 Jobs In June, Unemployment Rate Remains At 3.6%

US economy added a strong 372,000 jobs in June, as Unemployment It stood at 3.6%, indicating resilience amid bearish concerns.

The biggest gains were in professional and business services, leisure and hospitality, and health care. Jobs in the information industries increased by 25,000, including 9,000 in publishing.

Even with strong job numbers, there are signs the economy will slow down, as the Federal Reserve continues to aggressively try to contain inflation by raising interest rates. Consumer confidence has fallen, and economists have cut growth forecasts for the second quarter.

Mark Zandi, chief economist at Moody’s Analytics, wrote on Twitter that the latest job figures “are inconsistent with fears that the recession is ahead. Job growth is slowing, but that’s a plus, not a minus, it’s a plus.” ensures the economy does not go beyond full-employment, spurring inflation, and forces the Fed to raise rates even more than it currently plans.”

Average hourly earnings increased by 10 cents, or 0.3%, compared to a 5.1% increase over the past 12 months.

Zandi wrote that wage growth is “too hot to be in line with the Fed’s inflation target of about 5% year-over-year, if sustained.” But he wrote that wage growth “seems to have peaked, and stabilizing well with inflation expectations, set at moderate.”

Employment in film and sound recording was 447,000, up slightly from the previous month’s 440,600. Employment in broadcasting increased from 233,800 to 235,900.