US Jobs Report Shows Unemployment Holds at 3.6%

The US Labor Department on Friday reported that 372,000 jobs were created in June, a hotter-than-expected boost to the labor market that may ease worries of an impending recession, but that also complicates the job of the Federal Reserve as it seeks to quell inflation.

The largest number of contracts in June was conducted in healthcare and leisure sectors, while retail sales rebounded after a big drop in May, according to official data.

Meanwhile, the unemployment rate stood at 3.6% for the fourth month in a row and the ballpark hourly wage rose 0.10 cents, or 0.3%, to $32.08, and 5.1% in past 12 months, according to the report.

The private sector has now regained its prepandemic number of jobs, while the public sector remains 664,000 jobs below February 2020. Other than the public sector, no industry lost jobs in June, on a seasonally adjusted basis.

But the overall employment number, which far exceeded 250,000 new jobs, could have a direct impact on FED´s aggressive financial policy to face record inflation in 40 years.

Although President Joe Biden celebrated these figures on Friday forecasting it´s about “the fastest and strongest jobs recovery in the history of the United States”, with companies running up against problems in filling posts, salaries had to rise, pushing prices up.