USA economy adds 222000 jobs in June

USA economy adds 222000 jobs in June

The legal jobs figures from BLS on Friday come alongside a positive employment report for the USA economy overall, which added 220,000 jobs in June, according to the preliminary BLS data.

Average hourly earnings were up by 2.5 percent in May from the previous year, continuing a streak of relatively weak wage growth.

Economists forecast the economy will expand at roughly a 2 percent pace this year, about the same as it has grown since the recession ended.

The national unemployment rate was 4.4 percent last month, with the largest increases in jobs coming out of the health care, social assistance, finance and mining industries. But the automobile sector lost a further 1,300 jobs as slowing sales and bloated inventories force manufacturers to cut back on production.

Construction added another 16,000 jobs last month.

Overall, the nation added 222,000 jobs last month, beating estimates from economists. When the unemployment rate begins to plateau, that may suggest that the economy is running short of excess workers, and that wage gains and inflation are on the way.

Small business, a leading driver of jobs growth, added just 17,000 jobs in the month with the smallest of small businesses, those employing one to 19 people, recording zero jobs added.

More news: To replace Obamacare, GOP tries a meaner version of Obamacare

The number of people employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 5.3 million, changed little in June.

The unemployment rate for all Americans increased from 4.3 percent in May to 4.4 percent in June. April's tally was revised from +174,000 to +207,000, while May's increased from +138,000 to +152,000.

Credit card companies - which stand to benefit if interest rates rise - were among the winners, as the jobs gain boosted expectations that the Federal Reserve would maintain its plan to raise interest rates further. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. In June, the underemployment rate rose to 8.6%.

Sterling fell to a more than one-week low of $1.2871 and was last down 0.7 percent at $1.2883.

The sector has purged jobs for three straight months. When combined with flat average weekly hours, the foundations of income growth were fairly soft.

Some strategists and economists are looking beyond the unemployment and monthly job gains numbers.

Related Articles

  • Saudi FM: Qatar boycott to remain until Arab states' demands met

    Saudi FM: Qatar boycott to remain until Arab states' demands met

    Even though the four Arab states did not announce any new sanctions, Jubeir said they would "take steps at the appropriate time". Thani says numerous demands amount of a surrender of national sovereignty, and that Qatar will "never accept" them.
    Now, the Celtics wait on Hayward

    Now, the Celtics wait on Hayward

    According to Sam Amick of USA Today , Hayward wants to sleep on the decision before revealing his choice on the Fourth of July. It also is the second straight summer that the Celtics have successfully recruited a coveted player on the free-agent market.
    China's 'heaviest rocket' Long March-5 Y2 fails post lift-off

    China's 'heaviest rocket' Long March-5 Y2 fails post lift-off

    Sunday's launch was to be the last drill before the rocket was to carry a lunar probe late this year. While the rocket reached orbit, the spacecraft was apparently unable to maintain velocity.
  • Trump snubs Warsaw's Jewish community, sends Ivanka to Ghetto monument

    Trump snubs Warsaw's Jewish community, sends Ivanka to Ghetto monument

    Some foundations and an anonymous donor added money to Trump's contribution as well, increasing the total donation to over $260,000.

    Andy Murray, Johanna Konta injury scare

    The best-case scenario is that the decision is precautionary, with potential title contender Konta due to play her opening match at Wimbledon on Monday against Hsieh Su-wei.

    India ushers in GST at historic midnight session of Parliament

    The new goods and services tax (GST) replaces more than a dozen levies imposed nationally and by the 29 states. After the President ended his speech, he and Modi pressed the button that symbolically launched GST.
  • Microsoft confirms major job cuts

    Microsoft confirms major job cuts

    The following year brought another 7,800 layoffs , while the company announced another round of up to 1,850 job cuts last year. Microsoft has confirmed that starting today the company will be laying off some people and other people might be reassigned.
    Trump heads to Poland

    Trump heads to Poland

    Asked, as he left the White House, what he would do about North Korea, Trump said only: "We're going to do very well". Kaczynski and Prime Minister Viktor Orban of Hungary, who has been similarly criticized for a light authoritarianism.
    Raptors Will Keep Serge Ibake, Lose PJ Tucker, Stay Exactly The Same

    Raptors Will Keep Serge Ibake, Lose PJ Tucker, Stay Exactly The Same

    Lowry's contract is a three-year deal worth $100 million, which serves as a healthy pay raise for the All-Star point guard. Plus, the market hasn't exactly unfolded in Lowry's favour and a return to the Raptors seems inevitable at this point.
  • Happy Heather Watson has winning feeling

    Happy Heather Watson has winning feeling

    I know she has only just come back, but I expect her to be playing really well because I know she will have put in the hours and the work.
    Theatres shut down in Tamil Nadu over double taxation

    Theatres shut down in Tamil Nadu over double taxation

    GST taxes items classed as "luxury" goods more highly, and the classification system has sparked controversy among traders. Reacting on the double taxation by the state, Haasan said in a statement: "Filmmaking has been made hard deliberately".
    Le Pen under formal probe in European Union  fund misuse case

    Le Pen under formal probe in European Union fund misuse case

    Le Pen denies the charges against her, but is now under active investigation concerning the appropriation of at least €5m ($5.4m). Le Pen has consistently denied the allegations against herself, saying that they were the work of her political opponents.