Saturday, 19 August, 2017

220000 jobs added to US Labor Market in June

Here's your full preview of the upcoming jobs report Unemployment Claims Up, Slightly, In US
Patty Aguilar | 09 July, 2017, 21:03

Economists had been expecting the U.S. to add around 178,000 over them month but the latest numbers from the bureau of labour statistics comfortably beat those estimates as healthcare and food services showed big monthly gains. The jobless rate ticked up 0.1% to 4.4% from a 16-year low in May, the Bureau of Labor Statistics reported Friday. Since January, the unemployment rate and the number of unemployed are down by 0.4 percentage point and 658,000, respectively. The average hourly rate increased to $26.25 in June, up 4 cents from May.

But for now, many economists said June's jobs report does little to alter the central bank's anticipated activity for the rest of the year: A move to begin winding down its balance sheet in September, followed by a rate increase in December.

According to the bureau, involuntary part-time workers are "persons who indicated that they would like to work full time but were working part time (1 to 34 hours) because of an economic reason, such as their hours were cut back or they were unable to find full-time jobs". Consistently slow wage growth is threatening to distract attention from the overall positive results, analysts say.

The jobs report arrives against the backdrop of an overall mixed picture of the USA economy.

Mark Zandi, chief economist at Moody's Analytics, said many workers are too cautious to push for raises, partly because of the lingering effects of the Great Recession, when almost 9 million people lost their jobs.

In June, the gains were broad - health care, mining, business services and restaurants all added jobs.

The president has focused on manufacturing jobs, a sector that has seen steady growth since his election. Last month, when the Bureau of Labor Statistics reported a "disappointing" gain of just 138,000 new jobs, hiring was nearly double the underlying growth rate of the labor force of about 75,000 a month. Jobs data comes from a survey of employers. Consider this: In 2015, the USA added 200,000 or more jobs a month nine times. But most economists have forecast that growth rebounded in the April-June quarter to an annual rate of 2.5 percent or higher.

During last year's presidential campaign, Donald Trump and his supporters predicted an economic boom if he won the White House; his critics warned of a recession. Even so, the unambiguous risk taken by keeping rates unchanged is that the labor market will tighten progressively and that employment cost pressures will continue to mount until they push up inflation, potentially sharply.

The department's report, however, showed that wage growth remains sluggish.

"The Federal Reserve is essentially saying 'ah-ha, ' because it remained mostly faithful to the mantra that weakness in the first half of the year was 'transitory, ' as it likes to say", Hamrick added.

Medium-sized businesses (those with 50 to 499 employees) had by far the largest job gains during the month, with 91,000, according to ADP. That's well below the 3 percent to 3.5 percent average pay raises that have been typical in a healthy economy. Wages have advanced a modest 2.5% in the past 12 months, up slightly from the prior month but still well below the usual gains at this late stage of an expansion.

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