Recession is no Match for the United States Job Market
Payrolls increased 372,000 in June, more than 122,000 above expectations...
June gave way to faster-than-expected job growth. Even as recession looms and the United States economy slowly develops more pockets of weakness, the main pillar of the economy statistically remains very sturdy.
In the month, nonfarm payrolls have increased by 372,000 which beat expectations of 250,000 indicating a continuation of strong job growth for the year. The unemployment rate was unchanged from May sitting at 3.6%. Part-time job holders fell to 6.7% from 7.1%.
“The strong 372,000 gain in non-farm payrolls in June appears to make a mockery of claims the economy is heading into, let alone already in, a recession.”
Andrew Hunter, the senior U.S. economist at Capital Economics, said.
Running opposite to the good news, stocks opened today slightly down as government bond markets opened higher. The 10-year yielded 3.06%. This was still below the 2-year yield of 3.103%.