FILE - Samantha Grimison makes a cup of coffee at the Blind Tiger Cafe on Jan. 10, 2024, in Tampa, Fla. On Friday, June 5, 2024, the U.S. government issues its June jobs report. America’s employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again displaying the U.S. economy’s ability to withstand high interest rates.
The government also sharply revised down its estimate of job growth for April and May by a combined 111,000. And it said average hourly pay rose just 0.3% from May and 3.9% from June 2023. The year-over-year figure was the smallest such rise since June 2021 and will likely be welcomed by the Federal Reserve in its drive to fully conquer inflation.
“Both May and June hiring was above 200,000 even after revisions, and the trajectory looks stable," said Eric Winograd, U.S. economist at AllianceBernstein. "The best available evidence is that the labor market remains strong and that any deceleration remains modest.” Hal Lawton, CEO of Tractor Supply, a retail chain that caters to customers in rural areas, said his company still feels under pressure to increase wages. Average hourly pay at Tractor Supply, based in Brentwood, Tennessee, workers exceeds $16. And with rent and food prices high, workers are still seeking pay raises.
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