Job Growth Slows in June, but Labor Market Remains Resilient
TL;DR Summary
Job growth in June slowed to the lowest level since 2020, with the economy adding 209,000 jobs. However, economists believe this may not deter the Federal Reserve from raising interest rates again this year. Wage growth remains resilient, and unemployment continues to trend near a 50-year low. The Fed has indicated that persistent inflation could lead to further rate hikes, and the June jobs report supports this suspicion. The prospect of future rate hikes could disrupt the housing market's nascent recovery, as high and climbing mortgage rates present affordability hurdles for homebuyers.
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- The job market is cooling but still surprisingly strong. Is that a good thing? NPR
- US economy adds 209,000 new jobs as hiring slows Khaleej Times
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