United States employers likely stepped up hiring in June and boosted wages for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate increase this year.
Since January, the unemployment rate is down by four tenths of a percentage point and the number of unemployed is down 658,000. Most of those 222,000 jobs that were added in June were in the service sector.
The data came a day after payrolls processor ADP reported that USA private employers added 158,000 jobs in June, well below economists' expectations.
The result far surpassed analyst forecasts for an increase of 173,000 new jobs, and was welcome news for the White House after several months in which other economic data suggested the world's largest economy could be starting to lose steam.
Average hourly earnings for private-sector workers rose 2.5% in June compared with a year earlier, little changed from prior months. Average hourly earnings, which currency traders monitor closely, increased 0.2 per cent in June, short of the 0.3 per cent expected.
The projected demand for workers will encourage more people to participate in the labor force, temporarily offsetting the projected decline in participation arising from such factors as the ongoing retirement of baby boomers. The broader measure U6 unemployment rate rose to 8.9%, which counterintuitively indicates good news - an increasing number of people who had been sitting on the sidelines are entering the workforce, proving to be another encouraging sign that the economy is indeed pulling out of years of near stagnation. The economy has averaged 180,000 new jobs per month over the first half of 2017, down a bit from the 193,000-job average from the previous six months but essentially unchanged from the first half of 2016.
But the pace of job growth is expected to slow as the labor market hits full employment. Social assistance has added 115,000 jobs over the last 12 months.
Seasonally adjusted figures from the BLS show that oil and gas extraction jobs, categorized under mining, increased by 600 for the month of June.
- Further tightening of the labor market will boost the growth of wages and salaries over the next two years.
So how good is the news that we produced 220,000 new jobs in June?
Also, the unemployment rate among workers who are eligible for benefits held at 1.4 percent on the week. Headquartered in Oklahoma City, the global staffing company has more than 770 franchises in the U.S., Canada and South Africa.
Health care payrolls grew 37,000, while professional and business services added 35,000 positions and employment in food services and drinking places increased 29,000. On July 2, he tweeted, "Stock Market at all-time high, unemployment at lowest level in years". Last year, it happened five times. Typically, this stage of a recovery is marked by stability in the growth rate rather than an explosion beyond the average of roughly 2.5% that we've seen over the past eight years. However, it is significantly slower than what would be required to meet President Trump's ambitious promise of creating 25 million jobs in the next decade.
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