Economy Watch: Economy Creates 220K Jobs in June

Economy Watch: Economy Creates 220K Jobs in June

Now hiring signs are everywhere these days. To keep pace with population growth, the USA economy needs to create 75,000 to 100,000 jobs per month. The unemployment rate on Inauguration Day was 4.8%, and it has fallen since then, to 4.4% in June.

The average monthly addition to construction jobs is on par with that of health care - though that's largely a function of the huge increase from January to February. April was also revisded higher. Most of that growth (7,000 jobs) is attributed to support activities for mining. And, this year, companies like General Motors have extended the summer shutdown in an attempt to remedy slowing sales, and this could further contribute to the rise in claims.

The unemployment rate, meanwhile, rose to 4.4% from 4.3% as more people entered the labor force in search of work. The low unemployment rate now has not had the same impact. In one positive sign, the average workweek rose by 0.1 hour to 34.5 hours.

"We won't see sustained employment growth in the retail sector", said Cathy Barrera, chief economic advisor at ZipRecruiter, a job-hunting site.

"The June report was a modest comfort", Holtz-Eakin said.

"Inflation has been very, very low and, usually, businesses raise their workers' pay by at least the rate of inflation", said Mr Ryan Sweet, an economist at Moody's Analytics.

PNC Bank Chief Economist Gus Faucher says employers will raise wages as they find it "more and more hard to attract qualified workers".

They report the economy added 222,000 jobs, which represents a significant increase over expert predictions of 158,000 jobs.

That's not quite as many as the 908,000 jobs added during President Barack Obama's last five months in office.

"Small business optimism has been flying high for months based on the expectation that Congress will cut taxes and reform healthcare", Ms. Duggan said. However, on July 3, the president celebrated the numbers in 2017 on Twitter, tweeting that "we have just begun".

Notice, though, that even in 2009, the industry was still adding employees.

The labor market has seen fairly steady employment growth over the past couple of years.

Restaurants padded payrolls by 29,000 in June and financial firms such as banks and insurers beefed up staff by 29,000. Growth in the industry is slightly ahead of where it was at this point past year.

The sector has purged jobs for three straight months. "And it won't settle for the status quo on manufacturing jobs".

The jobs picture got brighter overall Friday after the government's latest jobs report. April's gain was increased to 207,000 from 174,000. June's anticipated employment gains would be close to the 186,000 monthly average for 2016 and reinforce views that the economy regained speed in the second quarter after a sluggish performance at the start of the year.



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