Hiring surged in June despite inflation, with 372,000 jobs created

Hiring stayed strong in June despite persistent inflation and worries about a coming recession. Employers added 372,000 jobs, the Labor Department said Friday, surpassing the 270,000 economists had expected.

The unemployment rate remained at 3.6%, close to its pre-pandemic low.

At the same time, the government's report revised down initial jobs estimates for May and June to show 74,000 fewer jobs were created. Wage growth slowed, with average pay increasing 5.1% year over year, showing the job market is cooling.