US economy adds 209,000 jobs as hiring slows
Hiring in the United States slowed in June, the Labour Department said on Friday, with fewer new jobs created than many had expected, a signal that the economy could be cooling down. The slower pace of hiring will be welcome news for the US Federal Reserve, which recently paused its aggressive campaign of rate hikes to give policymakers more time to assess the health of the US economy. Despite the swift pace of rate increases, inflation remains stubbornly above the Fed's long-term target of two percent. The world's biggest economy added 209,000 jobs last month, down from a revised figure of 306,000 in May. Meanwhile, the unemployment rate edged down to 3.6 percent, the department added. The employment figure was below the median expectation of 240,000 new jobs in a survey of economists conducted by MarketWatch, while the unemployment rate was in line with expectations. Many of the new jobs created in June came from increases in employment in government, health care, social assistance and construction, the Labour Department said. Despite the slowdown in new jobs, average hourly earnings ticked up by 0.4 percent month-on-month in June, rising by 4.4 percent on an annual basis. (AFP)