CNN business correspondent Alison Kosik described the June job report as “blowing away expectations” on the network Friday morning.
The jobs report, which the Labor Department released on Friday, revealed that 224,000 jobs were created last month with the unemployment rate increasing slightly to 3.7%. June marks the fifth consecutive month with the rate remaining under 4%.
“If anybody, Jim, was convinced that May, with 72,000 jobs added, was the beginning of a trend, I think June is giving you your answer, that it looks like May was really just a fluke. So 224,000 Jobs added in June. Some of this may be students were out of school and they’re taking jobs for the summer. But this number certainly blowing away expectations,” Kosik began.
“You had mentioned the unemployment rate, it did tick up actually from 3.6% to 3.7%, but for good reason because 335,000 people jumped into the labor force, they are counted in that unemployment number. Where are these jobs added? High paying Jobs in business, construction, 21,000,” she continued. “That’s a good sign because the real estate market has slowed considerably over the past several months. Manufacturing jobs also seeing a rebound there, an addition of 17,000 jobs.”
Kosik went on to discuss the stock market’s dip Friday and how it reduces the likelihood the Federal Reserve cuts the interest rate in July.
