The U.S. economy added 372,000 jobs in June while the unemployment rate held steady at 3.6%, according to Department of Labor data released Friday, far outpacing economists’ projections of 250,000 new jobs.
The massive job growth is good news on paper, but may cause the Federal Reserve to aggressively raise interest rates, thereby creating a higher risk of recession later in the year, tweeted economist Howard Forman. The total number of unemployed people remained essentially unchanged at 5.9 million, the report found.
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