U.S. workers added 222,000 nonfarm jobs to the payroll in June, snapping a relatively soft three-month stretch and beating estimates of 179,000. New jobs soared over the 2016 average of 186,000 per month.
The unemployment rate ticked up to 4.4% versus an expected 4.3% after notching its lowest rate in 16 years last month. The shrinking unemployment rate suggests a tightening labor market that supports the Fed's decision to raise interest rates in June.
U.S. markets were higher in premarket trading shortly after the announcement.
What's Hot On TheStreet
The biggest deal-maker around strikes again: Berkshire Hathaway Energy, a division of Warren Buffett's Berkshire Hathaway Inc., (BRK.A) - Get Report (BRK.B) - Get Report , confirmed Friday that it will purchase Oncor Electric Delivery Co. LLC in a deal that values the bankrupt unit's equity at $11.25 billion. "Oncor is an excellent fit for Berkshire Hathaway, and we are pleased to make another long-term investment in Texas - when we invest in Texas, we invest big!", Buffett said in a statement. "Oncor is a great company with similar values and outstanding assets."
Clearly, Buffett is still bullish on America's future. TheStreet takes a look at the billionaire's biggest bets on America.
Who cares, Elon: Tesla (TSLA) - Get Reportagreed to build the world's largest lithium-ion battery park in South Australia on Friday, signing off on a deal to finish the installation within 100 days or give it away for free. Failure to deliver the project on time would cost his company about $50 million, said CEO Elon Musk, though neither the state government nor Tesla released details of the contract.
Qualcomm battle with Apple gets even nastier: Qualcomm (QCOM) - Get Report added a couple of unexpected wrinkles into its legal salvo with Apple (AAPL) - Get Report , TheStreet's tech columnit Eric Jhonsa says. One of these wrinkles aims to neutralize some of the legal arguments Apple, as well as certain regulators, have been making against Qualcomm. The other, says Jhonsa, aims to both lower the odds of a political intervention in Apple's favor, as well as boost Qualcomm's near-term chip sales at Intel Corp.'s (INTC) - Get Report expense.
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