June United States of America jobs report: Hiring beats expectations
NEW YORK (CNNMoney)
The U.S. job market made solid improvement last month, with strong hiring that beat expectations.
The economy added 195,000 new jobs in June, the same as the revised pace in May. Meanwhile, the unemployment rate remained unchanged at 7.6%.Economists polled earlier in the week by CNNMoney had predicted a gain of 155,000 jobs, and a drop in unemployment to 7.5%.
Hiring during spring was also stronger than previously thought. The number of jobs created in April was revised up by 50,000 positions, while the May report was revised higher by 20,000 jobs.
The biggest gains were in leisure and hospitality (up 75,000), professional and business services (up 53,000), and retail (up 37,000). Construction and manufacturing were little changed.
The federal government shed 5,000 positions, continuing a trend brought on by the budget cuts that have eliminated 65,000 jobs in the last 12 months.
Friday's jobs report is being watched particularly closely by investors, in light of recent comments from Federal Reserve Chairman Ben Bernanke that caused wild swings in the markets.
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