US Adds 213000 Jobs In June, But Unemployment Rate Inches Up

Workers Emerge From the Woodwork

The unemployment rate is forecast holding at an 18-year low of 3.8 percent in June. This suggests difficulties of finding qualified workers are hugely overstated.

Average hourly earnings gained five cents, or 0.2 percent in June after increasing 0.3 percent in May.

Buoyant job creation: The U.S. economy continues to be one of the most dynamic job creators in the world, adding 213,000 jobs in June (the median estimate of analysts surveyed by Bloomberg called for a gain of 195,000).

Ahead of this morning's new jobs report, most projections pointed to totals of roughly 200,000 new jobs last month. Jobs in educational services jumped 18,900, compared with an average of just over 5,500 in the a year ago. The unemployment rate came in a little higher at 4.0%, just above the expected 3.8%. But the average was skewed downward in June because the job seekers were mainly those with only a high school education or less, who are generally paid lower wages, Barrera noted.

In June, white-collar professional firms filled 50,000 jobs last month to lead the way in hiring while manufacturers added 36,000 jobs.

Mike Segar/ReutersA boy rides a decorated bicycle down Main Street during the annual Fourth of July parade in Barnstable Village on Cape Cod, Massachusetts, U.S., July 4, 2018.

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The Labor Department on Friday reported another big month for job growth, with a larger than expected addition of 213,000 jobs for June. It had declined for three months in a row. The participation rate, or share of working-age people in the labour force, increased to 62.9 per cent from 62.7 per cent the prior month.

Economists, however, expect that job gains will continue during the second half of the year, while inflation will remain relatively low due to the largely stagnant wage growth.

Most economists agreed the uptick in the unemployment rate is the result of volatile figures used in the calculations. "Aside from the immediate job market impacts, the trade disputes risk raising prices for consumers hurting their purchasing power, which then reinforces the dampening impact on the job market", Hamrick added.

The mixed signals of rising unemployment amid continued hiring could strike a flat note at the White House as President Donald Trump has repeatedly taken credit for the historic low levels of unemployment.

Many analysts read the higher jobless rate as an encouraging sign because the influx of almost 76,000 job seekers back into the labour market last month suggested more people are optimistic they can find work thanks to the hotter economy.

At the same time, retail lost 22,000 jobs, partly because of the nationwide closing of Toys R Us stores, according to Gus Faucher, PNC's chief economist.

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