Jobs report could keep Fed on track for 0.75 bp rate hike in July

Strong jobs numbers released on Friday keep the Federal Reserve on track to raise interest rates by 0.75 percentage points at its meeting later this month to calm high inflation.

Employers added 372,000 jobs in June, the Labor Department said Friday. The unemployment rate held steady at 3.6% for the fourth straight month. Average hourly wages rose 0.3% from May, a decline from higher levels earlier this year which, if sustained, could make Fed officials somewhat less worried about overheating of the labor market.