Employers added 213,000 jobs in June according to the U.S. Department of Labor.
The US economy keeps adding jobs at a blistering pace. "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".
A worker cuts a piece from a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018. Trump argues that the duties are necessary to protect domestic industries from what he says is unfair competition from foreign manufacturers.
Economists have estimated that 195,000 jobs were added last month and that the unemployment rate remained at an 18-year low of 3.8 per cent, according to data provider FactSet.
The labor force expanded by 601,000 jobs over the month, with an influx of new women and teen workers more than offsetting a dip in labor force participation among men, said Gregory Daco of Oxford Economics. Initially, the agency showed a decline in May of 200 jobs as compared with the prior month.
Still, average hourly pay rose just 2.7 per cent in June from 12 months earlier, meaning that after adjusting for inflation, wages remain almost flat. The average hourly earnings of private-sector production and nonsupervisory employees increased by four cents to $22.62. It increases pressure to raise wages, and even curbs business growth if there are not enough people to do the work.
Steady hiring and low unemployment shows the labor market continues to be an area of strength for the economy since the recession ended nine years ago. This was more than the 190,000 forecast by economists. It could not have done so without the assistance of the trade union bureaucracy in suppressing working class unrest and imposing concessions on their memberships. There are two tables focusing on compensation in the Employment Situation report, B-3 and B-8. Prices for longer-dated U.S. Treasuries rose.
England sink Sweden to clinch World Cup semi-final berth
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Among the major worker groups, the unemployment rates for adult men (3.7%), adult women (3.7%) and Asians (3.2%) increased in June.
But the Trump administration's "America First" trade policy, which has tipped the United States into a trade war with China poses a risk to the labor market and economy.
The slow growth in labor costs may dissuade the Federal Reserve from raising interest rates more aggressively to head off a spike in inflation.
The U-6 unemployment measure-which includes those who have given up searching for work, are marginally attached to the labor force (due to lack of steady employment), and those who are forced to work part-time but would like to work full-time-also moved up by 0.2 percent to 7.8 percent over May's report. This extra labour supply has seemingly helped keep wage growth in check.
Service providers boosted payrolls by 149,000, led by a 54,000 gain in education and health services, and 50,000 in professional and business services.
The June jobs report has a lot of rosy details in it.
Job gains in June could, however, come below expectations amid growing anecdotal evidence of worker shortages across all sectors of the economy. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.