Colliers Economic Market Pulse | July 7, 2022
- Payrolls were stronger than expected at 372,000, nearly the same as the May increase and beating the average forecast of a 265,000-job gain. The unemployment rate remained at 3.6%, in line with expectations.
- There was some bad news: the participation rate ticking downward — the wrong direction. Economists thought it would rise to 62.4% but fell to 62.2%. This is an important figure because it tells us how many working-age adults are actually working or looking for work.
- Wage growth came in slightly hotter than expected, with an increase of 5.1% from the prior year. On a monthly basis, wages came in at the same level as May, which the Fed aims to cool as it plans to hike rates again this month.