222,000 Jobs In June

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by: Principal Financial Group

By Robin Anderson, Ph.D., Senior Economist, Principal Global Investors

This morning, the Department of Labor reported that the U.S. economy added 222,000 jobs in June, well ahead of expectations. The unemployment rate increased to 4.4% because more people were looking for work, a sign of confidence. Wage growth continues to be a concern, only growing 2.5% in June, suggesting some slack still remains in the labor market.

Here are my thoughts on the report and what it likely means for the rest of the year.