June Sees Employment Rates Increase 213000

Ivan Schwartz
July 9, 2018

Economists were forecasting that June was another strong month for the US labor market, with nonfarm payrolls expected to have grown by 195,000 during the month with the unemployment rate holding steady at an 18-year low of 3.8%, according to estimates compiled by Bloomberg.

Black unemployment remains around historical lows (6.5 percent) after repeatedly breaking records over the past year.

Hispanic unemployment dropped to 4.6 percent in June, the lowest level since the Bureau of Labor Statistics (BLS) started recording the data in 1973.

"The underlying fundamentals have been strong for quite some time and while we were a little surprised by the uptick in the unemployment rate, it appears to be caused by additional workers entering the labor force, which is a positive", Bedikian said. This was most due to a 1 percentage point rise in the unemployment rate for black women, although their EPOP also rose by 0.6 percentage points.

"It's not your father's labor market anymore", said Diane Swonk, chief economist at Grant Thornton.

The broader USA economy appears sturdy.

The number of workers who have been too discouraged to bother searching for a job was down 155,000 from a year earlier, leaving the total below 360,000. The Labor Department also revised its estimates for job growth in May, going from a previous estimate of 233,000 new jobs to 244,000 jobs new jobs.

Altogether, 285,000 new jobs have been added in the manufacturing sector in the past year.

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The Contingent Workers Survey released two months ago showed that the claim that gig economy jobs were replacing traditional employment was a myth.

America's labour market boomed again last month, strengthening the case for the Federal Reserve to raise interest rates twice more this year.

Arriving on the ninth anniversary of the recession's end, the latest jobs numbers cap a string of encouraging economic reports. The unemployment rate rose to 4 percent. The low jobless rate has yet to force employers to offer higher wages in order to fill job openings.

Service providers boosted payrolls by 149,000, led by a 54,000 gain in education and health services, and 50,000 in professional and business services.

From Table B-8, there were the same hourly and weekly earnings increases across all types of work, +2.7% and +3.0%, but for construction alone, the gains were better, +3.5% hourly and +4.3% weekly.

Average hourly earnings rose by 5 cents, or 0.2%, to $26.98, lower than market expectations for a 0.3% improvement.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in June.

Other reports by GizPress

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