US economy adds 372,000 jobs in June

The US economy created 372,000 jobs in June, according to official figures, with employment growing by far more than forecast.

Economists had expected the country to add between 250,000 and 295,000 roles.

The unemployment rate also remained at 3.6%, close to record lows, according to the US Bureau of Labor Statistics.

But some analysts warned that the US jobs market lags other economic indicators which are pointing to slowing growth.

Richard Flynn, managing director at Charles Schwab UK, said the “strong jobs report contrasts with other recent economic announcements”.

“The US economy and the stock market have both struggled in the first half of 2022, in the face of risks that include a multi-decade high in inflation, aggressive monetary policy tightening, and the effects of Russia’s invasion of Ukraine, ” he said.

“However, jobs reports are lagging economic indicators that are often strong entering a downturn.”

The unemployment rate stayed at 3.6% in June for the fourth month in row.