Sunday, 15 December, 2019

June job growth was a healthy 222000 . . . but we can do better

Wages in America rose by 2.5 per cent in June far below the 3.5 per cent pace typical of a healthy economy June job growth was a healthy 222000 . . . but we can do better
Debra Rodriguez | 09 July, 2017, 01:51

More than expected growth rate has been seen in USA job market for the month of June.

The agency singled out health care, social assistance, financial activities and mining as sectors where jobs were added.

The data came a day after payrolls processor ADP reported that US private employers added 158,000 jobs in June, well below economists' expectations. Jobs data comes from a survey of employers. That could lift the year-on-year increase in wages to 2.7 percent from 2.5 percent in May.

There were 361,000 more Americans who joined the labor force in June, while 170,000 fewer left. When those workers are taken into account, the jobless rate rose to 8.6 percent last month from 8.4 percent in May. That came in a year when the unemployment rate was mostly above 6% - signaling an ample supply of available labor - and wages were growing at just a 2% annual rate.

The civilian labor force participation rate was 62.8%, a 0.1% increase from May.

Since the start of the year, the unemployment rate has fallen by 0.4 percent and the number of people who are unemployed has fallen by 658,000, the Labor Department said. No clear trend in either direction has emerged over the past year, according to the news release.

With the new gains, an average of 194,000 jobs have been gained in each of the past three months.

US employers added a robust 222,000 jobs in June, the most in four months, a reassuring sign that businesses may be confident enough to keep hiring despite a slow-growing economy.

UK Industrial & Construction Output Fall Unexpectedly
Sterling dipped below $1.29 after Friday's data and hit its lowest level since June 28. Similarly, manufacturing output dropped 0.2%, offsetting a 0.2% rise in April.

One factor: The influx of job seekers last month - who had previously been on the sidelines, not counted as unemployed - might have offset some upward wage pressures. While the unemployment rates for workers of color remain far higher than for white non-Hispanic workers, the black unemployment rate has been falling faster than overall unemployment over the previous year. Over the year, the number of long-term unemployed was down by 322,000.

Nonfarm payrolls rose by a seasonally adjusted 222,000 from the prior month, the Labor Department said Friday. Health care has added an average of 24,000 jobs per month in the first half of 2017, compared with a monthly average of 32,000 jobs in 2016.

Meanwhile, the unemployment rate ticked up to 4.4 percent, but this happened for the right reasons.

Government employment rebounded by 35,000 jobs last month.

We talk about this every time there's a job report, and we'll probably always talk about it because most people don't really have a proper frame of reference for how many new jobs qualifies as a lot.

Trump's figures could still improve: The readings for May and June are still preliminary, and other months could be revised, too.

"That participation rate has the room to go up several percentage points", Johns Hopkins University economist Robert Barbera said.

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