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“The numbers still show resiliency in the labor market,” Brian Marks, executive director of the University of New Haven’s Entrepreneurship and Innovation Program, told the. “Although the unemployment rate ticked up 4.1% we still see a growth in employment of 206,000.”
Friday’s report shows the economy is still adding jobs and, in a welcome development, the employment numbers came in better than expected.The Federal Reserve is likely to interpret the continued job growth in June as an indication that its efforts to tame inflation via interest rate hikes are not yet taking a huge toll on the health of the economy.
Still, the report does show some cooling in the labor market. If subsequent reports continue to show employment growth slowing — or reversing course — it could push up the timing of a rate cut.It is important not to read too much into any one jobs report. The payroll numbers bounce around from month to month, and are revised in subsequent reports.Friday’s data suggests that the U.S.
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