Job growth skyrockets in the US

Job growth skyrockets in the US

According to the latest figures from the Bureau of Labor Statistics, job growth surged in June

Last month the number of non-farm payrolls reached 850,000 compared to the 725,000 forecasted by the market. The promising figures came from the accelerated hiring. The second quarter brought with it a return to work of Americans who lost their jobs because of the COVID-19 pandemic. Hospitality continued to be the leading sector that benefited from the economic reopening as people returned to employment at bars, restaurants, and hotels, with 343,000 jobs added.

Despite the NFP, the unemployment rate rose to 5.9% against the 5.6% expected.

Still, economists are looking for a GDP growth of 10% in the second quarter, potentially marking a continuation of an economic rebound.

Following the news, markets rose modestly, with USA500 hit a new record high, rising for seven consecutive sessions. TECH100 climbed 0.81%, reaching a record of 14,639.33.

Sources: cnbc.com, forexfactory.com

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