US employers add 287,000 new jobs in June

Non-farm payrolls data showed US employers have added a net 287,000 jobs in the month of June, around 100,000 more than market predictions and significantly more than the 38,000 figure for the month of May. The unemployment rate rose as forecast by one tenth of a percentage point to 4.9 per cent. These figures strengthen the argument that May’s figure was an exaggeration as to the slowdown in the US labour market and increases the likelihood that the Federal Reserve will hike rates when they next meet. This release is positive and suggests that growth is not being dampened by the heightened uncertainty caused by the UK’s vote to leave the EU. Stock markets reacted positively to the news, quick to discount the positive news on the US economy.