U.S. employers added more jobs in June than forecast and the unemployment rate held near a five-decade low
Nonfarm payrolls rose 372,000 last month following a revised 384,000 in May, a Labor Department report showed Friday. The unemployment rate held at 3.6% and average hourly earnings rose 0.3% from a month earlier.
Treasury yields surged, U.S. stock futures fell and the dollar index gained as markets extended bets on steep Federal Reserve interest-rate hikes. Swaps traders increased to about 96% the probability of the Fed lifting rates this month by 75 basis points from about 93% before the data. While a number of companies did announce plans in June to cut staffing levels, layoffs have so far been largely concentrated in technology and interest-rate sensitive sectors like housing as the Fed aggressively raises borrowing costs to curb inflation. Meantime, many other businesses still complain of worker shortages and an inability to fill millions of open positions.
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