Manufacturers Created 36K New Jobs in June, According to US Labor Dept.
Manufacturers Created 36K New Jobs in June, According to US Labor Dept.
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08 July, 2018, 20:05
The unemployment rate rose to 4.0 percent from an 18-year low of 3.8 percent in June as 601,000 job seekers entered the labor force in a sign of confidence in the jobs market. It had declined for three straight months.
As unemployment rose, the closely-watched labor force participation rate also edged higher to 62.9 percent, while the number of people counted as unemployed rose to 6.6 million people, up almost a half million. The EPOP for prime-age workers (ages 25 to 54) edged up to 79.3 percent, tying the high for the recovery reached in February.
The U.S. economy created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year.
Despite strong hiring, wage growth remained sluggish, and was effectively erased by inflation: average hourly earnings rose just 0.2 per cent to US$26.98, putting wages up 2.7 per cent over the same month a year ago, the same as the 2.7 per cent rise in the Consumer Price Index.
The overall hiring trend continues to accelerate, which is not surprising given that GDP growth is picking up and labour costs remain tame.
In fact, if we compare the average wage for the last three months (April, May, and June) with the prior three months (January, February, and March), it appears to be slowing slightly, with an annualized growth rate of just under 2.6 percent.
The job gains in the establishment survey were broadly based. More work undertaken by the project-design community will eventually lead to more on-site "hard hat" activity. Year over year, the sector was down 800 jobs as well.
The report showed little, if any, evidence of tariff-related weakness in the economy, especially with continued strength in goods-producing jobs.
For decades, the country had suffered from a shrinking labor force as many Americans, especially men, gave up on looking for jobs. Jobs data from June shows that employers added 213,000 jobs in June. The government sector added 11,000 jobs, mostly due to an increase of 13,000 jobs in local government.
The rise in the unemployment rate was also "healthy" because it reflected an uptick in the labor participation rate (to 62.9 percent from 62.7 percent), raising hopes that the labor force can overcome some of its structural headwinds.
People working part-time for economic reasons fell by 205,000 to 4.74 million.
Economists polled by Reuters had forecast nonfarm payrolls increasing by 195,000 jobs last month and the unemployment rate steady at 3.8 percent.
United States hiring topped forecasts in June while unemployment rose from an 18-year low and wage gains unexpectedly slowed, indicating the labour market is still absorbing spare capacity.
From Table B-8, there were the same hourly and weekly earnings increases across all types of work, +2.7% and +3.0%, but for construction alone, the gains were better, +3.5% hourly and +4.3% weekly. The unemployment rate rose by 0.3 percentage points in June for college grads.
The number of workers who have been too discouraged to bother searching for a job was down 155,000 from a year earlier, leaving the total below 360,000.
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