In June, the annual inflation rate accelerated from 8.6% to 9.1%. In spite of the dismal inflation numbers, the June Jobs Report out performed expectations. The economy gained 372,000 jobs, topping the 250,000 estimate.
Hourly wages rose 5.1% from a year ago, offering little relief to the high inflation rate.
Healthcare led the way, adding 77,000 jobs, followed closely by professional services and hospitality.
The unemployment rate held at 3.6%, a good indicator that the economy is holding strong, despite concerns of an impending recession.
Market Recap Week of 7/11/2022 Through 7/15/2022 – Daily Flash Briefing