US Added 213000 Jobs In June

Jermaine Castillo
July 9, 2018

The labor force participation has increased, which brought the unemployment rate up slightly from 3.8 percent to 4 percent.

"Clearly, firms are looking for workers and have become somewhat desperate, but if they cannot find them, then job growth could be lower than the consensus", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. Average hourly earnings increased by 0.2% month-on-month and 2.7% year-on-year, weaker than economists had forecast.

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

The monthly average climb so far in 2018 has been +215,000.

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In the first six months of this year, 215,000 new jobs were created on average, which is above their average monthly growth of 182,000 in the past year, when the United States economy managed to generate 2.173 million new jobs, reported the Labor Ministry.

In May, the unemployment rate was 3.755% when extended out three decimal places, though this was officially rounded up to 3.8%, matching the lowest unemployment rate since April 2000.

Wage growth continues to be sluggish: Not all the June data were encouraging. Manufacturing and professional and business services saw gains, with 36,000 and 50,000 jobs added, respectively. But for now the sector, which accounts for about 12 percent of the USA economy, appears in good health.

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. And Goldman Sachs says the tight labor market tends to boost hiring in June as companies aggressively target students and graduates. The median estimate of analysts surveyed by Bloomberg called for a gain of 195,000 jobs.

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On the negative side, the unemployment rate for black workers increased 0.6 percentage points to 6.5 percent from the record low hit in May.

Overall, unemployment inched up to 4 percent last month, largely due to the expanding pool of people actively seeking jobs.

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