June’s job report: US added 850,000 jobs; much better than expected

Economists expected that the jobs numbers for June would total around 706,000. But, nonfarm payrolls totaled 850,000 for the month, much better than the upwardly revised 583,000 seen in May. The unemployment rate rose from 5.9% against the 5.6% expectation. Wages also rose by 0.3% for the month and 3.6% year over year, both in line with expectations.

According to CNBC, the hospitality industry “continued to be the prime beneficiary of the reopening as workers returned to jobs at bars, restaurants, hotels and the like.

The industry notched a gain of 340,000 amid easing restrictions across the country. That total included 194,000 in bars and restaurants, but still left the sector 2.2 million shy of where it was in February 2020 before the pandemic began.”

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