Please ensure Javascript is enabled for purposes of website accessibility
US Employers Add a Still-Solid 187,000 Jobs in June; Unemployment Dips to 3.5%
gvw_ap_news
By Associated Press
Published 1 year ago on
August 4, 2023

Share

WASHINGTON — U.S. employers added 187,000 last month, fewer than expected, as the higher interest rates continued to weigh on the economy. But the unemployment rate dipped to 3.5% in a sign that the job market remains resilient.

Hiring was up from 185,000 in June, a figure that the Labor Department revised down from an originally reported 209,000. Economists had expected to see 200,000 new jobs in July.

Still last month’s hiring was solid, considering that the Federal Reserve has raised its benchmark interest 11 times since March 2022. And the Fed’s inflation fighters will welcome news that more Americans entered the job market last month, easing pressure on employers to raise wages to attract and keep staff.

Unemployment fell as 152,000 Americans entered the job force. The number of unemployed fell by 116,000.

Despite the influx of workers, average hourly wages rose 0.4% from June and 4.4% from a year earlier – numbers that were hotter than expected and are likely to worry the Fed.

The Labor Department revised payroll figures down for both May and June, reducing the number of jobs created in those months by 49,000.

In July, health care companies added 63,000 jobs.

The U.S. economy and job market have repeatedly defied predictions of an impending recession. Increasingly, economists are expressing confidence that inflation fighters at the Federal Reserve can pull off a rare “soft landing’’ – raising interest rates just enough to rein in rising prices without tipping the world’s largest economy into recession. Consumers are feeling sunnier too: The Conference Board, a business research group, said that its consumer confidence index last month hit the highest level in two years.

There’s other evidence the job market, while still healthy, is losing momentum. The Labor Department reported Tuesday that job openings fell below 9.6 million in June, lowest in more than two years. But, again, the numbers remain unusually robust: Monthly job openings never topped 8 million before 2021. The number of people quitting their jobs – a sign of confidence they can find something better elsewhere – also fell in June but remains above pre-pandemic levels.

The Fed wants to see hiring cool off. Strong demand for workers pushes up wages and can force companies to raise prices to make up for the higher costs.

RELATED TOPICS:

DON'T MISS

Newsom Uses a Stunt to Position Himself as a Leader of Anti-Trump Resistance

DON'T MISS

CA Legislature Sets Record for Women in Office and Could See Historic Gender Parity

DON'T MISS

Trump to Target Iran’s Oil Trade in Renewed ‘Maximum Pressure’ Campaign

DON'T MISS

Over 2,500 Central Unified Students Receive Spirit Sweaters at 20th Annual ‘Warm for Winter’

DON'T MISS

Fresno Police Arrest Gang Members in Shooting Involving 7-Month-Old

DON'T MISS

Fresno Team Makes Low-Budget Horror Flicks Look Like Multi-Million-Dollar Productions

DON'T MISS

4B Movement: After the Election, a Call for Women to Swear Off Men

DON'T MISS

Homeowners’ Effort to Leave Sierra Unified Ends With County Ed Rejection

DON'T MISS

Will Terance Frazier’s Nonprofit Exit Granite Park? ‘Hell No’ He Says

DON'T MISS

Fresno Crash Sends Pickup Into Tree, Dark Tint Cited as Cause

UP NEXT

Stock Market Today: Wall Street Cruises Toward the Close of Its Best Week in a Year

UP NEXT

Wave of Racist Texts After Election Prompts FBI Scrutiny

UP NEXT

Federal Reserve Cuts Its Key Interest Rate by a Quarter-Point Amid Postelection Uncertainty

UP NEXT

Slightly More Americans Apply for Unemployment Benefits Last Week, but Layoffs Remain at Low Levels

UP NEXT

Stock Market Today: Wall Street Ticks Higher Ahead of the Fed’s Decision on Interest Rates

UP NEXT

Trump Promises to Bring Lasting Peace to a Tumultuous Middle East. But Fixing It Won’t Be Easy

UP NEXT

Stocks and Bitcoin Jump After Trump’s Victory. So Do Worries About Inflation as Dow Surges 1,300

UP NEXT

Cryptocurrency Markets, Promoted by Trump, Brace for Election Volatility

UP NEXT

Stock Market Today: Wall Street Rallies on Election Day as Economy Remains Solid

UP NEXT

Stock Market Today: Wall Street Drifts Ahead of Election Day, While Oil Rises and Yields Sink

Over 2,500 Central Unified Students Receive Spirit Sweaters at 20th Annual ‘Warm for Winter’

4 hours ago

Fresno Police Arrest Gang Members in Shooting Involving 7-Month-Old

5 hours ago

Fresno Team Makes Low-Budget Horror Flicks Look Like Multi-Million-Dollar Productions

5 hours ago

4B Movement: After the Election, a Call for Women to Swear Off Men

6 hours ago

Homeowners’ Effort to Leave Sierra Unified Ends With County Ed Rejection

7 hours ago

Will Terance Frazier’s Nonprofit Exit Granite Park? ‘Hell No’ He Says

8 hours ago

Fresno Crash Sends Pickup Into Tree, Dark Tint Cited as Cause

9 hours ago

November Has Scattered Cool Temps, Rain Showers for Fresno

9 hours ago

Beyoncé Makes Grammy History With ‘Cowboy Carter,’ Leading 2025 Nominations

10 hours ago

Macklin Celebrini, NHL’s Youngest Player, Scores on Marc-Andre Fleury, League’s Oldest

10 hours ago

Newsom Uses a Stunt to Position Himself as a Leader of Anti-Trump Resistance

Two days after the nation’s voters gave Donald Trump another term as president, Gov. Gavin Newsom staged a publicity stunt to position...

3 hours ago

3 hours ago

Newsom Uses a Stunt to Position Himself as a Leader of Anti-Trump Resistance

3 hours ago

CA Legislature Sets Record for Women in Office and Could See Historic Gender Parity

3 hours ago

Trump to Target Iran’s Oil Trade in Renewed ‘Maximum Pressure’ Campaign

The Foundation for Central Schools' 20th annual Warm for Winter event provided over 2,500 Central Unified students with spirit sweaters, thanks to community partnerships and generous donors. (Central Foundation)
4 hours ago

Over 2,500 Central Unified Students Receive Spirit Sweaters at 20th Annual ‘Warm for Winter’

5 hours ago

Fresno Police Arrest Gang Members in Shooting Involving 7-Month-Old

5 hours ago

Fresno Team Makes Low-Budget Horror Flicks Look Like Multi-Million-Dollar Productions

Following the results of Tuesday's election, Jada Mevs, a 25-year-old from Washington, D.C., is urging women to take action by signing up for self-defense classes, deleting dating apps, getting on birth control, and investing in vibrators, as part of a growing response to the election of Donald Trump for a second term and the failure of abortion rights referendums. (Shutterstock)
6 hours ago

4B Movement: After the Election, a Call for Women to Swear Off Men

7 hours ago

Homeowners’ Effort to Leave Sierra Unified Ends With County Ed Rejection

Search

Send this to a friend