Hiring slows as more jobs are added

Hiring slowed last month, but data shows the job market remains strong
Posted at 12:52 PM, Jul 09, 2022
and last updated 2022-07-09 15:52:04-04

(KERO) — Despite hiring slowing down last month, data shows the job market remains strong. The latest numbers from the Labor Department show employers added 372 thousand jobs in June alone. Although that is down from the reported May numbers, it was roughly 100-thousand more jobs than economists predicted.

The unemployment rate held steady at historically low 3.6 percent.

The leisure and hospitality industries saw the most job growth last month while jobs were also added in health care and business.

However, one area where the job market isn't looking as strong is retail. Business owners aren't hiring as many workers as consumer spending wanes.

Major retailers like Walmart, Amazon and Fedex all have reduced hiring in recent months. This comes as stores see a decline in shoppers while also dealing with surging labor costs.

New data also shows that retailers have also been scaling back sign-on bonuses