Economy Generated 222000 Jobs in June

Economy Generated 222000 Jobs in June

The momentum in the US labor market picked up in June, new government data showed Friday, with the private sector and the government adding 222,000 jobs. Average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents in June to $26.25.

Since previous year, wages have grown 2.5 percent. But the automobile sector lost a further 1,300 jobs as slowing sales and bloated inventories force manufacturers to cut back on production.

Nariman Behravesh of IHS Markit said the report overstated some of the vigor in the jobs market, since an important part of June's jump was due to a seasonal upswing in hiring by state and local governments - something that can also be tied to the end of the school year.

This month's numbers came as economists have anxious that the United States economy is struggling to create large numbers of new jobs despite president Donald Trump's pledge to create "JOBS!" CareerBuilder's 2017 Midyear Job Forecast is predicting that 60 percent of employers plan to hire full-time, permanent workers in the second half of this year, up from 50 percent last year.

Employment in financial activities rose by 17,000 in June and has grown by 169,000 over the year.

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Health care employment is also in a growth mode, though not quite as vigorously as a year ago. The employment-population ratio (60.1 percent) was also little changed in June and has held fairly steady thus far this year.

The unemployment rate for all Americans increased from 4.3 percent in May to 4.4 percent in June. The mining sector added 8,000 jobs in June, adding to a total of 56,000 new jobs since reaching a recent low point in October 2016. The April figure rose by 33,000 to 207,000 and the May total climbed by 14,000 to 152,000.

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

The increase of 222,000 jobs is a positive signal, but investors are keeping a close eye on wages, Pappalardo added. When combined with flat average weekly hours, the foundations of income growth were fairly soft. (Usually, the two tend to move in opposite directions.) There has been a general return of volatility to the stock market after months of steady, incremental gains.

Economists say when hiring steps up, employers usually have to raise wages to attract and retain the best workers.Many companies complain they cannot get all the technically-skilled workers they need.But so far, overall wages have grown little.

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