Job growth rebounds in June

Employers added 287,000 jobs in June, according to the U.S. Department of Labor, up from the addition of only 38,000 jobs in May.
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The U.S. job market once picked up speed in June, new government data showed today, exceeding analyst expectations after a disappointing jobs report in the month prior.

Employers added 287,000 jobs in June, according to the U.S. Department of Labor, up from the addition of only 38,000 jobs in May that caused analysts to speculate about an economic slowdown.

The June figure was boosted by 35,000 workers at Verizon who were on strike in May but returned to their posts last month, according to the Washington Post.

The official unemployment rate rose to 4.9 percent from 4.7 percent the previous month, according to the data.

The rise likely reflected more people seeking jobs, the Washington Post reported.

Earnings also rose, with average hourly earnings for employees on private payrolls inching up to $25.61, a 2.6 percent increase over the year. The labor force participation rate held relatively steady at 62.7 percent.

The report followed dismal figures for May, which featured the smallest gain since September 2010. Those exceptionally weak figures, combined with more anemic growth earlier in 2016 and a strong U.S. dollar, had raised concerns that the U.S. recovery might be decelerating.

But the data for June far exceeded analysts' expectations. Economists surveyed by Bloomberg had forecast that the U.S. would add 180,000 jobs to its rolls in June.

Even with the recovery in this month’s numbers, analysts believe the U.S. Federal Reserve remains unlikely to raise interest rates when it meets later this month.

Britain’s decision to leave the European Union has troubled global markets in recent weeks, pushing the pound to its lowest level in decades and raising fears that the volatility could weigh on company hiring or investment.

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