June Job Report: Despite Slower U.S. Hiring, Employers Add 209,000 Jobs

The United States employers reduced hiring in June but added 209,000 new jobs. This is a sign of the resilience of the economy, which has slowed growth and inflation.

After had ended a 10-year streak of rate increases meant to slow inflation, the Fed is almost certain to resume interest rate hikes this month.

The government reported Friday that the June hiring figures were below those of recent months. It still indicates a stable labor market, with a historically high number of job openings. The unemployment rate dropped to 3.6%, from 3.7%. It is now near a 5-decade-low.

High-interest rates, inflation and the nagging worry of a recession due to Fed interest rate increases threaten the economy. Many industries continue to add jobs to meet consumer demand and restore their workforce to the pre-pandemic level.

As wages and hiring rates have increased, consumers are able to spend on services such as dining out or attending entertainment events. Although economists have predicted a recession later this year or in the next year, it is unlikely to happen as long as businesses continue to fill jobs.

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