Business hiring forges ahead in June, with 213,000 jobs added

Business hiring forges ahead in June, with 213,000 jobs added

Business hiring forges ahead in June, with 213,000 jobs added

Payroll growth in May was revised up to 244,000 from 223,000 in yesterday's report.

Come early 2020, there should be 8,000 more jobs on Staten Island.

But wage growth is still weak - an increase of just 5 cents an hour in June. The agency's Bureau of Labor Statistics issued its monthly look at the employment situation in the US, showing a rebound in the legal services sector after more tepid results in May.

This suggests that these 600,000 newly available workers can quickly find work if they have the right skills and that the unemployment rate will very swiftly fall back. The rate is already below central bank estimates of levels sustainable in the long run, making it a potential source of upward pressure on wages and inflation. The last time it was that low was in 1969. "It's probably relieving for the Fed".

"It's not your father's labor market anymore", said Diane Swonk, chief economist at Grant Thornton. USA tariffs on $34 billion worth of Chinese goods are due to come into effect on Friday. Economists say the effects could include companies curtailing both hiring and investment, which would have a cooling effect on the jobs figures in coming months. In general, monthly payroll gains of around 100,000 - or even a bit less - are sufficient to keep pushing down the unemployment rate, according to economists. Among the strongest industries for job growth during the month was manufacturing, which extended a surge in hiring by adding 36,000 jobs even with tariffs in place. This was consistent with sectoral data pointing to a more dynamic manufacturing sector among others.

Staffing in "professional and business services" (+50,000) received boosts from "temporary help services", +9,000; "architectural and engineering services", +7,000; and "computer systems design and related design", +6,000. The retail industry's woes were also reflected in employment, as vendors cut 21,600 positions, the biggest drop since December.

"Leisure and hospitality" also registered a nice gain in jobs in the latest month, +25,000, led by "food services and drinking places", +16,000.

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"After an impressive performance in 2017, the Canadian labour market definitely took a breather in the first half of 2018", Arseneau wrote in a research note to clients.

Rather than being an omen of bad things to come, the rise suggests a positive outlook for the USA economy as it coincides with more than 600,000 people entering the labor force.

Workers who haven't gone to college accounted for all of this month's net increase in the labor force and employment.

The report underscores a familiar refrain: There are lots of jobs being created, but not enough people to fill them. The overall employment-to-population ratio (EPOP) was unchanged at 60.4 percent, tied for a high for the recovery. In May, the annual inflation rate rose to 2.8%, exceeding wage gains. Over the past three months, the economy has produced a robust average monthly job gain of 211,000.

The unemployment rate rose from an 18-year low of 3.8% to 4% but that was because more people were drawn into the strong labor market.

People working part-time for economic reasons fell by 205,000 to 4.74 million.

"While the Hispanic-Latino unemployment rate had been as low as 4.8% in five months, four of those months were during the administration of President Donald Trump; the lone exception being October of 2006", writes CNS News.

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