The June hiring figure reported by the government Friday is below the levels recorded in recent months.
WASHINGTON — America’s employers pulled back on hiring but still delivered another month of solid gains in June, adding 209,000 jobs, a sign that the economy’s resilience is confounding the Federal Reserve’s drive to slow growth and inflation.
The wage data will likely raise concerns at the Fed, which is worried that faster pay gains will perpetuate inflation by leading companies to raise prices to offset their higher labor costs. The Fed wants to see hiring and wage increases slow before halting its rate hikes. The Fed has jacked up its key interest rate by a sizable 5 percentage points — the fastest pace of rate hikes in four decades. Those increases have made Some Fed officials have said they are looking for signs of what they describe as better balance in the job market, by which they mean the supply and demand for workers would become more equal. After the economy emerged from the pandemic, the number of available jobs surged above 10 million — the highest level on record.
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