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U.S. labor market powers ahead with strong job gains despite recession fears

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Reuters

By Lucia Mutikani WASHINGTON (Reuters) – U.S. employers hired far more workers than expected in June and continued to raise wages at a steady clip, signs of persistent labor market strength that give the Federal Reserve ammunition to deliver another 75-basis-point interest rate hike this month. The Labor Department’s closely watched employment report on Friday also showed no indication that companies were reducing hours for workers. The number of people working part time for economic reasons fell to its lowest level in nearly 21 years. Strong job growth allayed fears of an imminent recession a…

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