The U.S. economy added 287,000 jobs during the month of June, beating expectations and wowing investors, CNBC reported.
Economists expected non-farm payrolls to jump by 175,000 for the month. The unemployment rate also came in above expectations at 4.9 percent.
The news boosted European stocks, which closed higher Friday. U.S. markets also saw an increase on the news, but analysts aren’t convinced it will change the near-term outlook when it comes to the U.S. Federal Reserve raising interest rates.
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A hiring slowdown in the month of May and the Brexit referendum in the United Kingdom forced the Fed to keep interest rates on hold last month.