Thursday, 19 July, 2018


5 important takeaways from the June jobs report

Conrad Doyle | 08 July, 2018, 08:47

The unemployment rate rose as an additional 601,000 Americans entered the labor force, meaning a strengthening labor market appears to have actually coaxed some workers back into the labor force. 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.

The growing optimism that people can find work suggested that the 9-year old USA economic expansion - the second-longest on record - has the momentum to keep chugging along.

The dollar fell to a three-week low against a basket of currencies on the employment report.

Every sector of the economy added workers in June except retail, which lost 22,000 jobs to offset gains in May.

Government payrolls increased by 11,000 jobs in June.

So far this year, the US economy has added an average of 215,000 jobs per month.

The monthly Labor Department report also revised up figures for April and May, reporting that 37,000 more jobs were created in these months than previously estimated.

The June jobs is out and it's a beat.

"I'm really excited to see that the labor force is growing", said Catherine Barrera, chief economist of the online job site ZipRecruiter.

Major trade partners, including China, Canada, Mexico and the European Union, have retaliated with their own tariffs.

Job creation in the world's largest economy continued its brisk pace in June but the unemployment rate jumped as more people joined the hunt for employment, according to a government report today.

Minutes of the Fed's June 12-13 policy meeting published on Thursday were upbeat on the labor market.

The broader US economy appears sturdy. Trump has spoken about slapping tariffs on imported cars, trucks and auto parts, which General Motors has warned could hurt the US auto industry and drive up vehicle prices.

Economists polled by Reuters had forecast nonfarm payrolls increasing by 195,000 jobs last month and the unemployment rate steady at 3.8 per cent. The factory jobs were concentrated in the automobile sector, which had seen a decline in employment in May after a fire at a parts supplier disrupted production. The manufacturing sector buzzed with activity last month, and spending on construction rose.

Manufacturers and services firms have said in recent surveys that their business is improving despite anxiety about the tariff showdown between the United States and China.

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