The US economy adds 224,000 jobs in June

The US economy added 224,000 jobs in June, a strong labor market recovery after a disappointing May.

The unemployment rate rose to 3.7%, the highest level since March 2019 but still historically low.

The number substantially exceeded analysts’ expectations, which had predicted a burden on jobs due to business uncertainties surrounding high commercial tensions, as well as a lackluster housing market.

In addition, 335,000 people entered the labor force in June, substantially more than normal, which may have been what slightly raised the unemployment rate. It is a remarkable feat for an economy that has been soaking the workers for 106 months in a row, and an indicator that people are still finding reasons to return to work.

The number is closer to the stronger monthly employment earnings average of 2018 than to the lowest average in 2019, which avoids concerns about a strong slowdown, even when business confidence indicators have turned negative.

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