WASHINGTON (AP) — A strong hiring report for June has assuaged fears that the U.S. economy might be on the cusp of a recession — and highlighted the resilience of the nation's job market. Strong hiring and wage growth could help stave off recession. Employers added 372,000 jobs in June, a surprisingly robust gain and in line with the pace of the previous two months. Yet Friday's jobs report suggested that such a “wage-price spiral” isn't yet happening, an encouraging sign in the central bank's inflation fight. When the government reports next week on last month's inflation, the figure will likely remain high and might even top the 8.6% year-over-year reading in May.

Source: thestar July 08, 2022 18:56 UTC