WASHINGTON — Hiring surged in June in a surprising show of U.S. economic vitality eight years into the recovery from the Great Recession. Pay gains remain weak, though, a stark reminder of one of the economy’s key shortcomings.
WASHINGTON — Hiring surged in June in a surprising show of U.S. economic vitality eight years into the recovery from the Great Recession. Pay gains remain weak, though, a stark reminder of one of the economy’s key shortcomings.
Employers added 222,000 jobs last month, and hiring in the previous two months was revised much higher. Job gains have now averaged nearly 180,000 a month this year, only slightly below last year’s pace.
Unemployment ticked up to 4.4 percent from 4.3 percent, but mostly for a good reason: More Americans started looking for work, a sign of confidence in the economy.
Last month, economists worried that hiring would slow as employers struggled to fill jobs from a dwindling supply of unemployed workers. Friday’s data suggests companies are still finding plenty of people to hire.
That has given economists greater confidence the economy still has room to run.
“This balanced pace should enable the current economic expansion to be maintained much beyond the historical norm,” Russell Price, senior economist for Ameriprise Financial, said.
The current expansion is the third-longest on record.
So far, the job market and economy look broadly the same as they did last year, though President Donald Trump has boasted that his policies are accelerating hiring and growth.