USA creates 222000 jobs in June

USA creates 222000 jobs in June

The jobs report arrives against the backdrop of an overall mixed picture of the USA economy.

Consumers have expressed confidence in the economy and, accordingly, are spending more than they did in the first three months of the year. That was quite a bit more than 177,000 expected.

Despite the uptick in legal industry jobs reported on Friday, the past several months have seen some turbulence in employment at large law firms.

"The payroll number is well above expectations", Jim O'Sullivan, chief United States economist for High Frequency Economics, told The New York Times. The unemployment rate increased slightly from May, ticking up from 4.3 percent to 4.4 percent. The PayScale Index, which measures the change in wages for employed USA workers, showed a 0.5 percent wage increase from Q1 to Q2 2017. That's because Obama was sworn in during the worst economic downturn since the Great Depression, when the economy was hemorrhaging jobs.

It shouldn't be too surprising that the economy hasn't changed direction since the election.

"Strong jobs growth should eventually translate into higher wages, but it is taking time to do so".

The improving job market is attracting people off the sidelines and into the labour force.

USA creates 222000 jobs in June
USA creates 222000 jobs in June

A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, rose two-tenths of a percentage point to 8.6 percent last month.

As the Washington Post notes today, jobs growth is still well below the president's targets, assuming he was serious in promising 25 million new jobs over the next decade. June saw the strongest job increase since Donald Trump took office, which continues to indicate that the American economic engine is steadily gaining momentum. The unemployment rate among blacks fell in June to its lowest level in 17 years, at 7.1 percent. But there has been little sign of that happening.

Average hourly earnings meanwhile rose by 0.2% versus May, as expected, but in year-on-year terms were only 2.5% (consensus: 2.6%) ahead after growth of 2.4% in May. The productivity rate stood at about 2.6 percent in the years leading up to the recession.

Other measures of job creation and labor market strength show more of a mixed bag. The bad news is that many workers are still waiting on their long-delayed pay raises.

A gradual slowdown: The government revised up its estimates of job growth in April and May by a combined 47,000 jobs. Average monthly job gains have slowed from 187,000 in 2016, but economists agree that at least some decline is natural after eight years of expansion.

General Electric lost 3.97 percent as the worst performer on the Dow after the European Commission accused the company of providing misleading information during a merger deal. The bureau counts those not in the labor force as people who do not have a job and did not actively seek one in the past four weeks.



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