Job market outpaces high inflation, interest rates

Good morning and happy Friday, Daily Money readers. It’s Jayme Deerwester, here with some good news.

Employers added 372,000 jobs in June as the sizzling labor market shrugged off a slowing economy, high inflation and rising interest rates The unemployment rate held at 3.6% for the fourth straight month, the Labor Department said Friday.

As a result, employment growth moderated to a still-robust average of 383,000 jobs a month in the spring from about 600,000 the prior three months as the nation drew closer to recovering all 22 million jobs lost in the pandemic. It has now recouped 21.5 million, or 97.6%, and could reclaim the rest in the next couple of months.

In June, professional and business services led will the job gains with 74,000 jobs. Leisure and hospitality, which includes restaurants and bars, the sector hit hardest by COVID-19, added 67,000; health care, 57,000; transportation and warehousing, 36,000; and manufacturing, 29,000.

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