The Clap The June 2022 jobs report showed better-than-expected jobs market data, going against the narrative of a possible recession.
Claps Class The jobs report is made up of two components. One which provides an estimate of the unemployment rate, & the other provides data on hours worked, earnings, & payrolls.
The Deets The unemployment rate held steady at 3.6%, meeting expectations. Average hourly earnings increased 5.1% YoY, just slightly better than estimates of 5.0%. And finally, defying recession fears was an increase of 372,000 individuals on non-farm payrolls, exceeding estimates. Top contributors to the added jobs were the education & health services sectors.
Why this Matters The jobs market continues to go against the narrative of an incoming recession. With decades-high inflation forcing the Federal Reserve to aggressively raise interest rates, the jobs market is suggesting that the economy can withstand more rate hikes.