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08 July 2018, 05:58 | Joann Bryant
US employers added 213,000 jobs in June, unemployment rate rose to 4%
June's Employment Situationreport from the Bureau of Labor Statistics (BLS) records a pickup in total jobs of +213,000 in the latest month. Revised figures for April and May bring the monthly average for this year to 214,000 jobs-up from 182,000 the year before.
The OECD attributes this decline to the vast increase in part-time and temporary jobs since 2008.
"There were some people who weren't participating in the labor force who are now being encouraged to return, so I'm not concerned about the uptick in unemployment", she said. Meanwhile, yesterday's minutes of the June FOMC meeting reported "some" contacts said, "plans for capital spending had been scaled back or postponed as a result of uncertainty over trade policy".
In the past three months, the United States has increased 211,000 jobs monthly on average. Wages increased by 0.2 percent from May to June of this year, and 2.7 percent since June 2017.
Wage growth is barely keeping ahead of inflation, which is firming up as the economy strengthens.
"The solid 213,000 gain in non-farm payrolls in June, which followed an even stronger 244,000 rise in May, illustrates that labor market conditions remain unusually strong", said Andrew Hunter, U.S. economist at Capital Economics.
Several measures showed that the labor market still has slack to absorb.
The job tally, nonetheless, shows the sustained prowess of the economy, which has now maintained 9 years of expansion, the second longest period on record. Up until last month, the country's labour force had been little changed through 2018.
Unemployment ticked up slightly to 4 percent as more people looked for work.
"Overall, this "not too hot, not too cold" report supports our call for four Fed rate hikes in total this year", Gregory Daco, head of USA macroeconomics at Oxford Economics in NY, said in a note.
Here's a piece of good news for US investors that will largely be buried because of the jobs report.
Hanging over the labour market are President Donald Trump's tariffs on goods from some of America's largest trading partners, along with retaliatory charges.
Economists have warned the tit-for-tat import tariffs could disrupt the supply chain, undermine business investment and raise prices for consumers, and wipe out the stimulus from a $1.5 trillion tax cut package that came into effect in January. More specifically, hiring in the manufacturing sector - which should be the most sensitive to retaliatory trade sanctions - is running at the fastest pace since 1998.
The national jobless rate climbed 0.2% last month. There were gains in professional and business services employment as well as leisure and hospitality. Jobs in educational services jumped 18,900, compared with an average of just over 5,500 in the past year.
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