Strong hiring report for June
WASHINGTON (AP) – A strong hiring report for June has assuaged fears that the U.S. economy might be on the cusp of a recession – and highlighted the resilience of the nation’s job market.
Yet the figures the government released Friday also spotlighted the sharp divide between the healthy labor market and the rest of the economy: Inflation has soared to 40-year highs, consumers are increasingly gloomy, home sales and manufacturing are weakening and the economy might actually have shrunk for the past six months. The contrasting picture suggests an economy at a crossroads.
Strong hiring and wage growth could help stave off recession.