Over 30,000 more jobs than estimated were added to the economy and unemployment dropped .1 percent.
The Labor Department’s Bureau of Labor Statistics released employment numbers for June which show the addition of 147,000 jobs for the month, higher than the projection of 111,000. Unemployment also went down from its 4.2 percent level, where it had been for three straight months, to 4.1. Experts had predicted that unemployment would rise in June.
The average hourly wage also increased, though it rose slightly less than the previous two months.
The Federal Reserve will be meeting to consider the interest rate later in July. Chairman Jerome Powell said that, while the job market is strong, the central bank has been hesitant to lower the rate due to potential inflation from President Trump’s tariffs.
As the Lord Leads, Pray with Us…
- For President Trump as he advocates for a lower interest rate from the central bank.
- For wisdom for the members of the Federal Reserve as they assess inflation and employment.
Sources: Townhall, Business Insider, MSN
