June 2018 Jobs Report: Payrolls Pick Up

10 July, 2018, 02:12 | Author: Brooke Harris
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Revisions to prior reports added a total of 37,000 jobs to payrolls in the previous two months, according to the figures, resulting in a three-month average of 211,000.

Many analysts read the higher jobless rate as an encouraging sign because the influx of almost 76,000 job seekers back into the labour market last month suggested more people are optimistic they can find work thanks to the hotter economy.

The US economy keeps adding jobs at a blistering pace.

The June jobs report marks the longest consecutive, positive monthly job expansion on record, at 93 months.

Professional and business services led the way with 50,000 new jobs while manufacturing added 36,000.

Wage growth continues to be sluggish: Not all the June data were encouraging.

Expressed another way, the monthly average jobs jump in first-half of 2018 has been +17% compared with the first-half of 2017. Construction added 13,000 jobs, while retail lost 22,000 - nearly all the jobs it had gained the month before.

The slow growth in labor costs may dissuade the Federal Reserve from raising interest rates more aggressively to head off a spike in inflation.

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The job growth wasn't enough to keep the unemployment rate from rising from 3.8 percent to 4 percent, the government said July 6.

For the month of June, wages increased at a relatively solid annual rate of 2.7 percent.

"Overall the report is good news insofar as it suggests the economy still has some capacity to grow at an above-trend pace without generating much inflationary pressure", said Michael Feroli, an economist at JPMorgan in NY. It's "another strong month for jobs", CNN's Christine Romans told her viewers.

Some companies will likely respond to the tariffs by putting their hiring plans on hold until the trade picture becomes clearer.

Hispanic unemployment dropped to 4.6 percent in June, the lowest level since the Bureau of Labor Statistics (BLS) started recording the data in 1973.

The report showed that Canada's trade surplus with the USA narrowed to $3.3 billion in May, from $3.7 billion April, as more imports headed north across the border and south-bound exports decreased.

U.S. President Donald Trump's administration began imposing tariffs on 25 percent on $34 billion in Chinese imports, which just recently took effect. The factory jobs were concentrated in the automobile industry, which had seen a decline in employment in May after a fire at a major parts supplier disrupted production.

The labor force expanded by 601,000 jobs over the month, with an influx of new women and teen workers more than offsetting a dip in labor force participation among men, said Gregory Daco of Oxford Economics.

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