US employers hired far more workers than expected in June and continued to raise wages at a steady clip, signs of persistent labor market strength that give the Federal Reserve ammunition to deliver another 0.75 percentage point interest rate rise this month.
Strong job growth allayed fears of an imminent recession and offered hope that any downturn would be mild. The survey of establishments showed nonfarm payrolls increased by 372,000 jobs last month. It was the fourth straight month of job gains in excess of 350,000 and left employment 524,000 jobs below its pre-pandemic level.
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