US Adds 213000 Jobs In June, But Unemployment Rate Inches Up

Economists surveyed by Bloomberg News had projected the unemployment rate would remain unchanged at 5.8 per cent, which matched the lowest on record. These people ultimately are classified as discouraged workers, who first fall down into a subset of the unemployment statistics (where the unemployment rate is now 7.8 percent in June compared with 7.6 percent in May) until they ultimately disappear completely from the workforce.

In spite of the tightening labor market, however, wage growth remains anemic. The participation rate, or share of working-age people in the labour force, increased to 62.9 per cent from 62.7 per cent the prior month.

Whether the unemployment rate jumped by 0.2 of a percentage point or 0.3, both were good signs for the economy. Huh?

"It's not your father's labor market anymore", said Diane Swonk, chief economist at Grant Thornton.

President Donald Trump has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what he says is unfair competition from foreign manufacturers.

A worker cuts a piece from a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018. The Labor Department also revised its estimates for job growth in May, going from a previous estimate of 233,000 new jobs to 244,000 jobs new jobs.

As IJR previously reported, the economy saw many milestones during Trump's presidency.

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Specifically, support activities for mining increased by 4,300 for the month of June while jobs in oil and gas extraction decreased by just 200.

The US economy created a higher-than-expected 213,000 jobs last month, official figures show.

But that is good news for the Federal Reserve since they will not feel pressure to raise interest rates faster. This suggests renewed economic optimism among less-skilled or less-educated workers. Some of the sectors that contributed to the growth include manufacturing which powered the growth by adding 36,000 jobs.

Although average hourly wages grew 2.7% in June from a year ago, they didn't change much from May and came in below economists' expectations.

The stunning data released by the BLS shows the unemployment rate among Hispanic-Americans aged 16 and up fell to 4.6%; down from 4.9% in May. That tepid increase to an average of $26.98 per hour, however, is due to the disproportionately high number of positions filled by job seekers with high-school diplomas, who generally receive lower wages. Asian unemployment increased to 3.2 percent from an extraordinary 2.1 percent in May.

Overall, U.S. employers added 213,000 jobs in June.

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