The Bureau of Labor Statistics released the June 2018 jobs report Friday, showing payroll employment was up by 213,000 and many sectors added jobs.
Job gains of 213,000 in June topped projections, Labour Department figures showed yesterday.
The latest jobs report overall showed encouraging signs for the US economy, the New York Times reports. It increases pressure to raise wages, and even curbs business growth if there are not enough people to do the work.
The way Washington calculates the unemployment rate is a little odd, to say the least.
Michael Gapen, chief United States economist at Barclays Plc in NY and a former Fed official, said that the boost in workers coming into the labour market bodes well for pushing down the unemployment rate again.
Altogether, the data depicted a labour market that's not as tight as previously thought, easing any pressure on Federal Reserve policy makers to step up the pace of interest-rate hikes and potentially heartening employers who have had difficulty finding skilled workers.
Government payrolls increased by 11,000 jobs in June, boosted by local government hiring. Manufacturing led the way with an increase of 36,000 jobs, 12,000 of which were in autos.
The broader USA economy appears to be on sturdy ground.
Jim O'Sullivan, chief U.S. economist at High Frequency Economics, said gains have averaged 215,000 month so far this year, up from 182,000 "more than strong enough to keep the unemployment rate trending down over time".
Wage growth remained sluggish, however, and was effectively erased by inflation: average hourly earnings rose just 0.2 percent to $26.98, putting wages up 2.7 percent over the same month past year, the same as the 2.7 percent rise in the Consumer Price Index.
The economy has now been adding jobs for almost eight years - its longest streak on record.The U.S.is considered at near full employment, and the biggest challenge in the job market is the lack of available workers - a record 6.7 million jobs remain unfilled.
Hassett pointed to the increase in labor force participation for African American women and Hispanic men and women as an encouraging sign that people are being drawn back to work. Economists project that the GDP growth will maintain the yearly pace of 4% or even higher in the second quarter.
The economy has added jobs every month for nearly eight years, the longest streak on record. Professional and technical services added 25,100 jobs in June, more than its average of 18,900 over the a year ago.
For many, the jobs numbers helped reinforce their predictions. For the construction sector on its own, the average hourly and weekly gains, as recorded in B-3, were a bit faster, at +2.9% and +3.5% respectively.
"Fortunately the economy has a good head of steam going into a period of significant uncertainty in terms of the impact of higher tariffs across a broad range of imports and exports", said Brian Bethune, chief economist at Alpha Economic Foresights in Boston.
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