The American Economy Added 213,000 Jobs in June The Associated Press 6 Jul 2018
08 July, 2018, 17:54
The job numbers for the month of June indicate USA manufacturing continues to gain momentum.
The labor department reports another month of job growth. "Aside from the immediate job market impacts, the trade disputes risk raising prices for consumers hurting their purchasing power, which then reinforces the dampening impact on the job market", Hamrick added. "Similarly, it should ease the concerns of the hawks (at the Fed) who worry that the Fed's rate hike campaign is behind the curve".
"We may be heading into a trade war but the good news is, the economy at least seems to have some good momentum", said Michael Feroli, chief United States economist at JPMorgan Chase & Co "We still have some capacity to grow above trend without triggering too much inflation worry".
In June, the U.S. unemployment rate unexpectedly rose to 4% from 3.8% the month before, coming off an 18-year low.
The OECD attributes this decline to the huge increase in part-time and temporary jobs since 2008. This uptick in people joining the workforce - there were 601,000 new entrants to the labor force in June - pushed up the unemployment rate. The average hourly wage has increased by just 2.7 percent in the past year.
But average, hourly earnings increased in both May and June, according toBLS numbers. But with a record 6.7 million unfilled jobs in April, economists are confident that wage growth will accelerate later this year.
Faster wage growth would have also indicated that inflation was building in the economy, which hasn't strongly been the case even though unemployment is low.
The number has oscillated around the 5 percent mark for over a year, but this was the first time it broke the previous record of 4.8 percent.
Several measures showed that the labor market still has slack to absorb.
Hanging over the labor market are President Trump's tariffs on goods from some of America's largest trading partners, along with retaliatory charges.
The dollar fell to a three-week low against a basket of currencies on the employment report.
The news in the household survey was mostly positive. Automakers added 12,000 jobs in June. The U.S. central bank raised interest rates last month for the second time this year and has projected two more rate hikes by year end. Meanwhile, yesterday's minutes of the June FOMC meeting reported "some" contacts said, "plans for capital spending had been scaled back or postponed as a result of uncertainty over trade policy". Before joining The Washington Post, she was a senior economics reporter at CNN and a columnist and deputy editor at the Patriot-News in Harrisburg, Pa. "Unequivocally, this is a nightmare situation". At more than 1.141 million people employed in the industry in June, the legal jobs figures edged outside of a range that has prevailed since December 2016. This was most due to a 1 percentage point rise in the unemployment rate for black women, although their EPOP also rose by 0.6 percentage points. "Not only did payroll employment increase by 213,000 - evidence that employers are finding workers - but wage growth held steady at a disappointing 2.7 percent - evidence that employers are not having to raise wages to attract and retain workers".
The national jobless rate climbed 0.2% last month.
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