US Payrolls increased more than expected in June.. Unemployment rate at 3.6%

Job growth accelerated at a much faster pace than expected in June, indicating that the main pillar of the U.S. economy remains strong despite pockets of weakness.

Data from the Bureau of Labor Statistics showed that nonfarm payrolls increased 372,000 in June, better than the 250,000 estimate and continuing what has been a strong year for job growth.

Moreover, the unemployment rate was 3.6% last month, according to AlArabiya.

Average hourly earnings rose 0.3% during June and were up 5.1% from a year ago. The wage pressures remain strong as inflation accelerates.

The wage number means Federal Reserve officials “are likely to press ahead with aggressive rate hikes over the coming months.

It is noteworthy that the Federal Reserve increased the interest rates by 75 bps in June meeting.