WASHINGTON – Almost three times as many jobs were added to the U.S. economy during June than in the previous month and the national employment rate remained largely unchanged, according to a report released Friday.
According to the U.S. Bureau of Labor Statistics, 224,000 jobs were added to the economy in June, compared with 75,000 in May. The unemployment rate increased from 3.6% in May to 3.7% in June.
Analysts had predicted that 160,000 to 170,000 jobs would be added in June.
The report comes one week after the S&P 500 posted the strongest second-quarter earnings in more than two decades.
The Dow Jones Industrial Index is on the cusp of reaching 27,000 for the first time in history.
The Dow was below 20,000 when President Donald Trump took office on Jan. 20, 2017, and the S&P was almost 800 points lower than its previous close of almost 3,000.
The unemployment rate was 4.8% when Trump took office.
The economy also has benefited from consecutive decisions by Federal Reserve Chairman Jerome Powell not to raise interest rates.
The fed has signaled that it might even lower rates in the near future.