U.S. Companies Add 98,000 Jobs in June

U.S. private-sector payrolls increased by 98,000 in June, following a 122,000 increase in the prior month. This marks the strongest three-month stretch for hiring in over a year. Education and health services accounted for about half of the hiring gains, with trade, transportation, and utilities, as well as financial activities, also seeing significant increases. According to ADP Research data, workers who changed jobs saw a 6.6% rise in pay from a year earlier, while wage growth for those who stayed in their jobs was 4.4%. The labor market has shown signs of strengthening, with job openings rising and layoffs remaining low. This trend could lead to increased bets that the Federal Reserve will raise interest rates this year to contain inflation. The government’s employment report, due July 2, is expected to show U.S. employers added 115,000 jobs in June, which would mark the strongest six-month stretch for hiring since mid-2024.