The economy added 195,000 jobs in June and significantly more in the previous two months than had been reported, the Labor Department said today, raising hopes for a more robust economy in the second half of the year.
The hotels, restaurants and entertainment industry added 75,000 jobs last month, while retailers added 37,000. Temporary jobs rose 10,000.
Many of the new jobs, however, were part time. The number of part-timers who said they would prefer full-time work soared 322,000 to 8.2 million — the most in eight months.
Because more people started looking for work, the unemployment rate remained 7.6 percent last month, according to the Labor Department's monthly jobs report.
Pay rose, outpacing inflation over the past year. Average hourly wages rose 10 cents to $24.01, up 2.2 percent over a year ago.
Employers added 70,000 more jobs in April and May than the government had previously estimated.
Stock index futures rose after the report was released, and the yield on the 10-year Treasury note increased from 2.56 percent to 2.65 percent, indicating investors believe the economy is on the upswing.
If job growth continues to accelerate and the unemployment rate declines, the Federal Reserve could scale back its bond purchases, which have kept long-term interest rates low.
Herald wire services contributed to this report.
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