U.S. unemployment rate ticks up to 4 pct in June

U.S. unemployment rate ticks up to 4 pct in June

Unemployment figures don't include jobless people not in the labor force, or those who haven't sought a job over the previous four weeks.

For Catherine Barrera, who works as the Chief Economist for online job site ZipRecruiter, reportedly said the labor force numbers quelled her concern about the unemployment figure. At the same time, more people entered the labour force to look for work, helping push the unemployment rate up for the first time in nearly a year.

Trump frequently touts the strong jobs picture as hiring has picked up in recent months.

A broader 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 to 7.8 percent last month from a 17-year low of 7.6 percent in May.

Payroll growth in May was revised up to 244,000 from 223,000 in yesterday's report. Average hourly earnings growth remained 2.7% against hopes of a slight pick-up to 2.8%.

June's moderate wage growth should, for now, allay fears of the economy overheating.

"As the labor market tightens we should see more businesses raisings wages, offering training, and hiring workers from all corners of the labor market", she added.

Several measures showed that the labour market still has slack to absorb.

The result of these policies in the US and internationally has been a steep decline in the social position of the working class and a precipitous rise in social inequality, with over 90 percent of income gains going to the top 10 percent of households in the United States over this period.

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The percentage of unemployment attributable to voluntary quits fell to 12.4 percent, more than reversing a big jump reported in May. Prices for U.S. Treasuries rose. Up until last month, the country's labour force had been little changed through 2018.

Ahead of this morning's new jobs report, most projections pointed to totals of roughly 200,000 new jobs last month.

Nonetheless, the USA jobs market is incredibly hot right now with yesterday's NFIB jobs survey suggesting that in the small business sector, the proportion of firms looking to hire workers has been higher on only three occasions in the past 45 years.

The employment report together with data from the Commerce Department showing the trade deficit narrowed 6.6 percent to a 1-1/2-year low of $43.1 billion in May reinforced expectations of robust economic growth in the second quarter. "The unchanged 2.7 percent rise in June helps keep the Fed on a gradual path of rate hikes", MarketWatch said.

The economy continues to show many signs of strength despite the brewing trade war. Just hours before the monthly jobs report was released, the Trump administration imposed taxes on $34 billion in Chinese imports, and Beijing hit back with tariffs on the same amount of USA goods.

The U.S. economy faces potential drags going forward, including escalating trade disputes with major trading partners such as the European Union, China, Canada and Mexico.

Job growth this year has been faster than in 2017.

Manufacturers added 36,000 jobs last month.

"Leisure and hospitality" also registered a nice gain in jobs in the latest month, +25,000, led by "food services and drinking places", +16,000. Restaurants added 16,400 jobs in June, under the average of 18,400 over the year.

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