03/29/2024

U.S. Hiring Strong in June; Unemployment Rate Rises as More Enter Labor Force

Hundreds of thousands of Americans started looking for jobs and employers added 213,000 to their payrolls last month, the Labor Department said Friday. Many of those job seekers were snapped up by employers while some were counted as unemployed while they sought out work, which helped push the jobless rate up to 4.0%, from an 18-year low of 3.8% in May.

Those new entrants to the labor force could provide the raw material needed to support accelerating economic growth nine years after the recession ended.

“It’s clear that we’re not running out of workers,” said Kate Warne, an economist at Edward Jones. “There is additional leeway for job growth to remain strong.”

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