US adds 213,000 jobs in June, unemployment rate jumps…
US adds 213,000 jobs in June, unemployment rate jumps…
US job growth strong but unemployment rate rises to 4%
10 July, 2018, 02:16
The U.S. economy surpassed expectations in June, adding more jobs than expected even as the unemployment rate rose slightly to 4 percent.
The Labor Department reported Friday that employers added 213,000 new jobs last month, the second straight month that job growth has topped 200,000 despite indications that the U.S.is at or near full employment. This suggests renewed economic optimism among less-skilled or less-educated workers. On the same day as the release of June's jobs report, the US and China are imposing duties on more than $30 billion-worth of each other's goods.
"I'm really excited to see that the labor force is growing", said Catherine Barrera, chief economist of the online job site ZipRecruiter.
Wages were also a bit of a disappointment, with average hourly earnings rising by 0.2% over the prior month and 2.7% over the prior year.
U.S. non-farm employment rose by 213K positions in June, but the unemployment rate climbed to 4.0%, up from 3.8% in May, according to the Bureau of Labor Statistics.
Altogether, the data depicted a labour market that's not as tight as previously thought, easing any pressure on Federal Reserve policy makers to step up the pace of interest-rate hikes and potentially heartening employers who have had difficulty finding skilled workers.
The +54,000 jog upwards in "educational and health services" employment was comprised of "educational services", +19,000; "health care", +25,000; and "social assistance", +10,000. That trend is likely to continue through 2018, with some economists predicting the jobless rate will keep falling to 3.5 percent by year end.
"The underlying fundamentals have been strong for quite some time and while we were a little surprised by the uptick in the unemployment rate, it appears to be caused by additional workers entering the labor force, which is a positive", Bedikian said.
The unemployment rate increased because more people were looking for jobs; the labor-force participation rate rose to 62.9% from 62.7%.
The gain in USA total employment through the first half of this year has been 1.3 million jobs. The economy has added jobs every month for nearly eight years, the longest streak on record. What's more, gains for April and May were revised up by 37,000. That marks a 72 cent increase for average hourly earnings over the year so far.
Private employment rose by 202,000 (median estimate 190,000) after increasing 239,000; government payrolls rose by 11,000, most since August. Over the past 12 months, this sector has gained 285,000 jobs, with about three-quarters of them involving durable goods such as metal products, computer parts and cars.
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