>> The US job market bouncing back sharply in the month of June, laying aside worries that the US economy is heading for a slowdown. I'm Conway Gittens in New York. The Labor Department announcing on Friday the economy added 287,000 jobs last month. That was way better than expected.
An even more stunning feat given the fact that the number for the month before that was revised all the way down to 11,000. There were other things to cheer about in the report. The number of people forced to work part time decreased by over half a million. And temporary positions, often a sign of future hiring, bounced back from a dismal showing the month before.
Manufacturing jobs also bounced back, and so did hiring in the information sector, which was largely due to the end of the Verizon strike. But there are some things to keep a watchful eye on. A large number of Americans returned to the workforce in the month of June, and so that means that the unemployment rate ticked up to 4.9%.
And average hourly earnings rose only by $0.02, which means paychecks aren't getting big enough to please the Federal Reserve. Which means despite the bounce back in hiring, many still doubt, especially given the impact of Brexit still being unknown, whether the Fed will be able to raise interest rates before the year is out.