The number of jobs in the US rose more than expected in June as manufacturers increased hiring, but with a steady rise in wages suggests moderate inflationary pressures that would keep the Federal Reserve on the path of gradual rate increases.
Nonfarm payrolls rose by 213,000 jobs in June, and the April and May readings were revised to show an additional 37,000 jobs. The economy needs to create about 120,000 jobs a month to keep up with the growth in the working-age population.
Also, the unemployment rate rose to 4% from an 18 year low of 3.8% in June as more people entered the workforce in a sign of confidence in the job market. Average income rose by 0.2% after rising by 0.3% in May, and on an annualized basis stabilized at 2.7%.
