U.S. adds 222000 jobs in June as hiring surges

by Lawrence Cooper July 8, 2017, 0:16
U.S. adds 222000 jobs in June as hiring surges

The Wall Street Journal, citing an unnamed source, reported the total value of the deal at $18 billion, including debt.

"After last month's surge in jobs activity, small business owners seem to be in a holding pattern while they wait to see what Congress will do with taxes and health care", said National Federation of Independent Business president and CEO Juanita Duggan.

The number of long-term unemployed (those jobless for 27 weeks or more) was unchanged at 1.7 million in June.

After a slow three-month stretch, the latest jobs report from the Bureau of Labor Statistics offered some positive signs.

"While the unemployment rates for workers of colour remain far higher than for white non-Hispanic workers, the black unemployment rate has been falling faster than overall unemployment over the past year", she said in a statement.

Construction added another 16,000 jobs last month.

"The unemployment rate rose slightly in June, but it was because of more people looking for work, a vote of confidence in the job market", wrote Gus Faucher, chief economist at PNC Financial Services, in a note.

In June, average hourly earnings rose by 4 cents to $26.25. However, year-over-year, the average hourly wage was up 2.5 percent in June, or 63 cents an hour. The change in employment for April was also revised up from a gain of 174,000 to 207,000, and the change for May was revised up from a gain of 138,000 to 152,000. Average hourly earnings rose four cents to $26.25, up 0.2 percent over May and 2.5 percent higher than June of a year ago - the same annual gain reported in May.

The Federal Reserve monitors the barometers of wage growth for any evidence that inflation might be starting to pick up.

The government also announced a bump in its estimate of job growth across the last two months, adding a combined 47,000 positions to its projections.

PNC Bank Chief Economist Gus Faucher says employers will raise wages as they find it "more and more hard to attract qualified workers". Underemployment includes part-time workers who want a full-time job, as well as skilled workers who hold low-skill jobs. The four-week moving average, in this case, rose from 1.938 million to 1.945 million.

Trump said in a tweet that "at some point the Fake News will be forced to discuss our great jobs numbers, strong economy" and other successes of his administration. A gauge of inventories jumped 3.5 points to 57.5 last month, the trade group's report said. Meanwhile, an uptick in the unemployment rate-from 4.3% to 4.4%-was the result of more people looking for work.


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