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Report: US Employers Added 224,000 Jobs in June

Associated Press

   U.S. employers sharply stepped up their hiring in June, adding a robust
   224,000 jobs, an indication of the economy's durability after more than
   a decade of expansion.
   The strength of the Labor Department's jobsreport issued Friday could
   complicate a decision for the Federal Reserve late this month on
   whether to cut interest rates to help support the economy. Most
   investors have anticipated a rate cut in July and perhaps one or two
   additional Fed cuts later in the year. That scenario may be less likely
   now.
   Stocks sold off early Friday before paring their losses. The Dow Jones
   industrial average was down about 20 points in late-afternoon trading.
   But the yield on the 10-year U.S. Treasury note climbed to 2.05% from
   just under 2% before the jobs report, reflecting a view that the Fed
   might engage in fewer rate hikes.
   June's solid job growth followed a tepid gain of 72,000 jobs in May, a
   result that had fueled concerns about the economy's health. But with
   June's pace of hiring, employers have now added, on average, a solid
   171,000 jobs for the past three months. Last month's burst of hiring
   suggests that many employers have shrugged off concerns about weaker
   growth, President Donald Trump's trade wars and the waning benefits
   from U.S. tax cuts.

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