America's employers pulled back on hiring but still delivered another month of solid gains in June, adding 209,000 jobs.
WASHINGTON — America's employers pulled back on hiring but still delivered another month of solid gains in June, adding 209,000 jobs, a sign that the economy's resilience is confounding the Federal Reserve's drive to slow growth and inflation.
The June hiring figure reported by the government Friday is below the levels recorded in recent months. But it still points to a durable labor market that also features a historically high number of advertised openings. The unemployment rate fell to 3.6% from 3.7%, and is near a five-decade low.and nagging worries about a possible recession resulting from the Fed's ever-higher interest rates.
Chair Jerome Powell has said that worker demand for higher pay to keep up with inflation can perpetuate inflation if employers pass on their higher costs to their customers. The Fed wants to see hiring and wage increases slow before halting its rate hikes. Some Fed officials have said they are looking for signs of what they describe as better balance in the job market, by which they mean the supply and demand for workers would become more equal. After the economy emerged from the pandemic, the number of available jobs surged above 10 million — the highest level on record.
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