Employment Situation Heats Up in June

Economy adds 213K jobs in June unemployment ticks up to 4 percent

Economy adds 213K jobs in June unemployment ticks up to 4 percent

"Despite ongoing concerns about being on the brink of a trade war, today's jobs report shows the continued strength of the economic recovery in the USA", said Tony Bedikian, head of global markets at Citizens Bank. Given the flood of new workers, not all who got jobs pushed the unemployment rate up to 4% from 3.8%. "We still target 3.5% by year end". "This combined with labor force unemployment rates being among the lowest in the USA results in western states ranking so well".

Wages were also a bit of a disappointment, with average hourly earnings rising by 0.2% over the prior month and 2.7% over the prior year. That marks a 72 cent increase for average hourly earnings over the year so far.

Faster wage growth would also indicate that inflation is building in the economy, which hasn't been the case even though unemployment is this low.

"Labor market fundamentals remain solid, with a meaningful pickup in service-sector employment surveys", Hill said.

Several measures showed that the labor market still has slack to absorb.

The bottom line is that the buoyancy in June's US labor market statistics will reaffirm the Federal Reserve's view that the economy is doing super-well at present and that further interest rate hikes will be justified. Prices for longer-dated U.S. Treasuries rose. US stock index futures were little changed. That tepid increase to an average of $26.98 per hour, however, is due to the disproportionately high number of positions filled by job seekers with high-school diplomas, who generally receive lower wages. Despite the monthly setback, the current unemployment rate is nonetheless lower than the rate a year ago June when the jobless rate was 4.3 percent and 7 million people were unemployed.

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They shouldn't have much trouble finding a job: There are more job openings right now than unemployed workers.

Economists had projected that the non-farm payroll would jump by 195,000 while the unemployment rate would remain unchanged at 3.8%, its lowest level since April 2000. The United States is now in a trade war with all its top five trading partners: China, Canada, Mexico, the European Union and Japan.

But the Federal Reserve reported that businesses are becoming anxious about the fallout.

And yet hiring is expected to be strong for June. The U.S. and China slapped tit-for-tat duties on $34 billion worth of the other's imports on Friday. "Over the month, job gains occurred in professional and business services, manufacturing, and health care, while employment in retail trade declined".

Today's data is another proof that 2018 will be the 8th consecutive year with an employment growth of at least 2 million. The manufacturing sector buzzed with activity last month, and spending on construction rose.

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