(Bloomberg) — The U.S. labor market took one step forward and one back in June as job creation advanced while wages stagnated and the size of the labor force receded.
The addition of 223,000 jobs followed a 254,000 increase in the prior month that was less than previously estimated, a Labor Department report showed Thursday in Washington. The jobless rate fell to a seven-year low of 5.3 percent as people left the workforce.
The figures indicate the economy is improving slowly following a first-quarter slump rather than surging ahead as consumer spending strengthens. That will probably keep Federal Reserve policy makers on their timeline to raise interest rates later this year.
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