U.S. employers added 206,000 jobs in June, slightly below the revised 218,000 added in May but more than expected. The unemployment rate inched up to 4.1% from 4%, indicating that while the job market is improving, it is not as strong as expected. However, April and May data points were adjusted lower by a combined 111,000, indicating that fewer jobs were created than initially thought. This news may please the Federal Reserve, which is keeping an eye on signs that inflation is easing.
Following the job report, U.S. stocks rose with the Dow Jones, S&P 500, and Nasdaq Composite Index all showing gains. Average hourly earnings rose 3.9% year-over-year, in line with estimates.
Comerica Wealth Management CIO John Lynch is encouraging investors not to bail from market rallies just yet. This advice comes after U.S. employers added 206,000 jobs in June.
The hiring surge was seen in government, social assistance, and healthcare sectors while retail and manufacturing lost workers.
The ADP report showed that companies added 150,000 jobs last month
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