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United States economy added 220000 jobs in June

08 July, 2017, 00:30 | Author: Paula Vaughn
  • Source Tradingview

The report revised May's comparatively sombre report, adding a net 47,000 jobs to the totals for that month and to April. It was 1.5 percentage points down from a year ago, and it helped create the smallest gap between white and black employment on record. Health care has added an average of 24,000 jobs per month in the first half of 2017, compared with a monthly average of 32,000 jobs in 2016. Labour market buoyancy could also encourage the USA central bank to announce plans to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. June's rate hike was just the the fourth since the Great Recession.

- Price inflation is expected to continue rising over the remainder of this year, and interest rates will rise as well. Over the past three months, job gains have averaged 194,000 a month, far outpacing the rate most economists expected. Sidelined workers rejoining the labor force would show strength in the job market. Economists assume that an increased demand for labor should drive up wages, but that supposedly ironclad link is turning out to be much more elastic. Average hourly earnings grew 0.2% to $26.25 an hour. Most of that growth (7,000 jobs) is attributed to support activities for mining.

But Republicans have struggled with healthcare legislation and there are also worries that political scandals could derail the Trump administration's economic agenda.

While job growth picked up, economists see more room for improvement in wages and participation in the workforce, which have been slow to keep pace.

But there is still some labour market slack.

Something for the Hawks and the Doves: June Jobs Beat Expectations But Wages Slow
United States economy added 220000 jobs in June

The uptick in the unemployment rate came as the labor force jumped by 361,000 people, more than offsetting the increase of 245,000 people in the household survey of employment.

The June unemployment rate increased a tenth of a point to 4.4 percent, which is near historic lows.

The remaining 1.1 million people marginally attached to the labor force in June had not searched for work in the past month for reasons such as school attendance or family responsibilities, according to the BLS. (Usually, the two tend to move in opposite directions.) There has been a general return of volatility to the stock market after months of steady, incremental gains. Others, like General Motors are embarking on extended summer assembly plant shutdowns, which will temporarily leave workers unemployed.

The latest numbers show that despite a shortage of skilled workers, companies are still hiring.

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