BUSINESS, Commerce

Job Growth: A Whopping 287,000 In June

Job GrowthEmployers added 287,000 jobs in June as the labor market bounced back resoundingly from a spring slump, easing concerns about a longer-term slowdown in payroll growth and sparking a big stock rally.

The unemployment rate rose to 4.9% from 4.7% as about 400,000 Americans streamed into the labor force, including discouraged workers who had stopped looking for jobs, the Labor Department said Friday.

Wall Street cheered the better-than-expected gains and the resulting rally nearly sent the benchmark Standard & Poor’s 500 index to a new closing high.

The S&P 500 rose 32.00 points, or 1.5%, to 2129.90, stopping just shy of its record closing high of 2130.82 set May 21.

The Dow Jones industrial average jumped 251 points, or 1.4%, to 18,147 for its highest level since May 2015.

After Friday, Wall Street has now recouped all its ‘Brexit’-related losses.

Pollyanna Davy, Readers Bureau, Fellow

Edited by Jesus Chan

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