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June jobs report: Economy adds 224,000 jobs, easing recession fears


Added 07-05-19 12:04:02pm EST - “Hiring rebounded strongly in June as employers added 224,000 jobs, easing recession fears.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “June jobs report: Economy adds 224,000 jobs, easing recession fears”. Below is an excerpt from the article.

Hiring rebounded strongly in June as employers added 224,000 jobs, easing recession fears and posing a dilemma for a Federal Reserve that’s expected to cut interest rates later this month.

The unemployment rate ticked up from its 50-year low of 3.6% to 3.7%, the Labor Department said Friday. Payroll gains for May were revised down to 72,000 from 75,000.

“Today’s jobs report shows the U.S. economy continues to create jobs at a strong pace even as we enter the longest period of economic expansion on record,” said Tony Bedikian, managing director and head of global markets at Citizens Bank in an email.

“The bounce back in the June jobs number may splash cold water on the notion of an imminent Fed rate cut," he added. "We will have to see whether the equity markets can shrug that off when balanced against other macroeconomic factors, such as the hope of a China trade truce.”

The official White House Twitter account called the June numbers "another blockbuster jobs report." President Donald Trump also celebrated the robust hiring in a pair of tweets Friday morning.

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