Trump’s celebration of the jobs numbers will probably also include a mention of this line from the Bureau of Labor Statistics’ monthly report: “In June, mining employment grew by 8,000”. That’s the average monthly change in thousands – showing that the year-to-date average so far in 2017 has been a gain of about 180 jobs a month.
The labour force participation rate rose a tenth of a point to 62.8 per cent, a time when many United States students and new college graduates began hunting for summer work.
The good news from Friday’s report, then, is that the recovery in the job market is spreading rather than slowing. As more workers begin looking for jobs, that can push the unemployment rate higher. However, it is significantly slower than what would be required to meet President Trump’s ambitious promise of creating 25 million jobs in the next decade.
“The gain in June shows that the industry is still very much meeting the demands of consumers and households”, said Jack Kleinhenz, chief economist for the National Retail Federation.
White-collar businesses also created 35,000 new jobs in what’s been another area of strong employment growth.
Average hourly earnings increased by just 0.15 percent – shy of a 0.3 percent expectation.
Tilley and other economists have said some of the lack of wage growth may have to do with the large number of baby boomers who are high paid and do not see large wage increases.
The broad-based S&P 500 rose 0.3 percent to 2,417.58, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 6,125.02.
U.S. job creation returned with a roar in June, offering a dose of welcome news to the White House and offsetting fears of a slowing economy, official figures showed on Friday (Jul 7). Growth in the industry is slightly ahead of where it was at this point past year.
“We’ve seen all the jobs coming from mostly service-producing sectors”, said Ahu Yildirmaz, vice president and head of the ADP Research Institute. Factory activity is expanding at the fastest pace in three years, the Institute of Supply Management, a trade group of purchasing managers, found.
The U-3 unemployment rate went up a tenth of a point to 4.4% from May, but that appears to be mainly a rounding artifact and a reflection of labor-force expansion.
Economists were split on what the jobs report means for the chances of future interest rate hikes from the Federal Reserve. Of those, 1.7 million have been out of work 27 weeks or longer. Employers had more applicants to choose from.
The improving job market is attracting people off the sidelines and into the labour force. That’s a slight increase over the 12-month period ended May 31 and above the low rate of inflation. Consumers report being more confident, but their actual spending hasn’t accelerated.
In June, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 254,957,000.
Drug use is a problem among many people he considers for jobs, Dix said. That’s the biggest gain between January and May since 2014. We’re adding jobs, good – but not at a particularly unusual pace.