7/8/2022, 2:31 PM (Source: TeleTrader)
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US nonfarm payrolls beat estimates in June

Total nonfarm payroll employment in the United States increased by 372,000 in June beating market estimates, with the unemployment rate remaining unchanged at 3.6%.

According to a report published by the Labor Statistics Bureau on Friday, the unemployment rate stood at 3.6% for the fourth month in a row as the number of unemployment remained at 5.9 million. The figures were similar to those from the pre-pandemic level.

The highest jobless rate of 11% was recorded among teenagers, followed by 5.8% among Blacks, the report concluded. The unexpected results are supporting the Federal Reserve's decision to increase the pace of interest rate hikes in the coming months.

Baha Breaking News (BBN) / ND