The U.S. economy added 372,000 jobs in June showing a stronger than expected boost to the labor market. The Labor Department reported the unemployment rates held steady in June at 3.6%. Wages in June were still on the rise but continue to be outpaced by the highest inflation in 40 years.
Economists believe these strong employment figures could keep the Federal Reserve on track to raise interest rates again by .75% later this month. There is also a concern that these hikes could push up borrowing costs and continue to raise the risk of recession.