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U.S. adds 850,000 jobs in June, better than expected

Job growth leaped higher in June as businesses looked to keep up with a rapidly recovering U.S. economy, the Labor Department reported Friday.

Nonfarm payrolls increased 850,000 for the month, compared to the Dow Jones estimate of 706,000 and better than the upwardly revised 583,000 in May. The unemployment rate, however, rose to 5.9% against the 5.6% expectation.

Hiring accelerated as the second quarter morphed into a summer that will see a closer to return to normal for Americans held captive for the past year due to the pandemic-related restrictions.

As the data continues to point higher, economists are looking for GDP growth in the second quarter to approach 10%, a stunning continuation of a rebound helped by vaccines that have sharply reduced Covid-19 case rates along with hospitalizations and deaths.

This is breaking news. Please check back here for updates.

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