Home » Tech

US Economy Adds More Jobs in June Than Expected

08 July, 2017, 00:17 | Author: Lloyd Doyle
  • Getty Images

Employment gains were broad in June, with manufacturing payrolls increasing 1,000 after factories shed 2,000 jobs in May. Construction companies added 16,000, and mining, which includes oil and gas drilling, gained 8,000.

Expectations for a June job increase were around 179,000 - a figure that was easily exceeded. The U.S. economy created 222,000 new jobs in June, well above Wall Street's forecast.

At full employment, businesses have an extremely hard time finding available, qualified workers to fill job openings. There are more than 6 million open positions, a record level, according to a separate report from the Labor Department.

President Donald Trump's chief economist advisor Gary Cohn has said in recent months that the administration is focused on bringing this rate down. Roughly 10,000 Americans turn 65 every day. The greenback also rose to a more than one-week peak against sterling. Average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents in June to $26.25.

Friday's report from the Labor Department shows wages grew 2.5 percent in June from the same period a year earlier. Any reading above 50 indicates expansion.

And people who are unemployed or who have stopped looking altogether are typically hired at wages about 30 percent below the median pay, research has found. Americans have stepped up their spending, and companies are restocking their shelves and warehouses with new goods. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. This is below the targeted growth rate of 3.5 percent.


An Institute for Supply Management survey released Monday reported that factory activity expanded in June at the fastest pace in almost three years.

"Wages are accelerating in some industries, just not enough industries", wrote Steven Blitz, chief USA economist at TS Lombard, in a note to clients. Another barometer counts people who have given up their job hunts and so are no longer counted as unemployed.

Although the Bureau of Labor Statistics adjusted its figures for seasonal disparities, such as the effects of holidays, weather and school schedules, some would argue that a better comparison would be February through May of 2016.

At the current pace, the US would add about 1.9 million jobs in 2017. But while the employment headline number was strong, inflation pressure was still tame.

Information for this article was contributed by Christopher S. Rugaber and Josh Boak of The Associated Press and by Patricia Laya of Bloomberg News.

Recommended:

  • Curly's Frozen Custard Hosts Seventh Hot Dog Eating Contest

    Curly's Frozen Custard Hosts Seventh Hot Dog Eating Contest

    Contestants weighed in ahead of Nathan's Famous Fourth of July Hot Dog Eating Contest held annually in Coney Island. For context, the 72 hot dogs that Chestnut ate Tuesday is more than an average American will eat - in one year.
    Prime Minister arrives in Israel on historic visit

    Prime Minister arrives in Israel on historic visit

    Sources said that Netanyahu seemed to be as excited as Doval for Modi's red carpet welcome to the Jewish country. The two-state solution envisions independent Israeli and Palestinian states coexisting side by side peacefully.
    United States  military updates President Trump's North Korea options

    United States military updates President Trump's North Korea options

    House of Representatives voted to enforce secondary sanctions against non-U.S. firms for hiring North Korean workers. South Korea only imported $1.6 billion in US autos while it exported $16.1 billion in autos to the USA that year.
  • Splatoon 2 Is getting a Companion App For Mobile

    Splatoon 2 Is getting a Companion App For Mobile

    With the free version of the Nintendo Switch Online app, gamers will gain access to a Splatoon 2 companion service. For even more details about the game and what other fresh extras it offers , check out the Direct broadcast below.
    George Lucas' $1.5 billion museum unanimously approved by LA City Council

    George Lucas' $1.5 billion museum unanimously approved by LA City Council

    Exhibits likely to attract Star Wars fans include Luke Skywalker's first light saber and Darth Vader's helmet. Construction is scheduled to start by early next year with an opening date tentatively set for 2021.
    Senate Republicans Add Individual Mandate Workaround to Health Care Bill

    Senate Republicans Add Individual Mandate Workaround to Health Care Bill

    The much-derided mandate for every American to have health insurance or pay a penalty has been removed. And consumers will have less comprehensive coverage than they do now, with higher out-of-pocket costs.
  • Possible Bomb At Massachusetts Air Force Base

    Possible Bomb At Massachusetts Air Force Base

    The vehicle in question is a moving truck owned by Big Foot Moving out of Acton. The state police bomb squad has responded and its Air Wing is on scene as well.
    Brogdon takes NBA Rookie of the Year

    Brogdon takes NBA Rookie of the Year

    Brogdon played in 74 games, averaging 26.5 minutes per night while helping Milwaukee reach the Eastern Conference playoffs. Embiid and his Philadelphia 76ers teammate Dario Saric were finalists for the Rookie of the Rookie of the Year honor.
    Italian coastguards rescue over 8000 migrants off Libyan coast in 48 hours

    Italian coastguards rescue over 8000 migrants off Libyan coast in 48 hours

    Italy has taken in 82,000 refugees and migrants so far this year, a third more than a year ago. All of those rescued off the coast of Libya are brought to Italy, often by private charities.
  • Venus Williams 'devastated and heartbroken' over fatal U.S. auto crash

    But Williams' attorney told Fox News that Barson's attorney would have to wait until the police concluded their investigations. The family of Jerome Barson filed a wrongful death lawsuit the day after news became public of the fatal crash.
    Donald Trump launches twitter tirade against CNN, MSNBC

    Donald Trump launches twitter tirade against CNN, MSNBC

    Mika Brzezinski and Joe Scarborough hit back after becoming the latest victims of Mr Trump's frequently used social media account. Women in the administration need to step up and tell him that they will not stand for the way he is treating women.
    Putin, Trump will likely have contact on sidelines of G20: Lavrov

    Putin, Trump will likely have contact on sidelines of G20: Lavrov

    McMaster said the two leaders will discuss a range of issues at the global summit July 7-8 in Hamburg. McMaster said Trump would emphasize "whatever the president wants to talk about".


Popular

Kardashians upset with Rob for posting naked pics, feuding with Blac Chyna
In the slew of posts, Kardashian claimed Chyna, a model and former stripper, sent him a video of her cheating with another man. In 2014, the first person was convicted and sentenced to a year in prison for violating the law.

Iraqi forces get creative dodging bullets to deliver lunch in Mosul
The city, located some 400 kilometers (250 miles) north of the capital, Baghdad, fell to Daesh in June 2014. Although the northern city of Mosul was Daesh's main stronghold in Iraq, it is not its only base.

Tour de France 2017, stage four
German Marcel Kittel still has that ahead of Tuesday's flat fourth stage that will favour the pure sprinters. Australia's Michael Matthews was in the bunch finish as well and finished the stage in seventh place.

Illinois House passes budget, income tax increase
It's created to start repairing the fiscal calamity caused by the nation's longest budget stalemate since the Great Depression. Only four of the 16 Republicans who voted for the clean debt hike in 2014 suggest they will or are open to doing so this fall.

'Savage and senseless murder:' DA describes road-rage killing of teen
Anyone with information on the shooting is asked to contact the West Goshen Police Department at 610-696-7400. Authorities recovered Roberson's body in a ditch after her vehicle careened into a tree.

Steph Curry Signed The Richest Contract In NBA History
Iguodala would be the final component of that, should he agree to terms with the team. He also owed it to himself to discover the value the Warriors would place on him.

Baby on board! Remarkable moment as mum gives birth mid-flight
But before she could even get to the beverage service part of the flight , Penton started feeling contractions . Luckily, there was a pediatrician and a nurse on the flight. "Everything started happening very quickly.

Attendees Laugh, Clap After Organizers Cut Off Wilbur Ross At Berlin Conference
The Trump administration made a "conscious decision not to walk away from" the proposed Transatlantic Trade and Investment Partnership, Ross said.

Sony to start vinyl record production again
This time around Sony Music is back in the news, dropping some news that will certainly help bring vinyl back. It still hasn't yet decided which genres of music it will produce, according to the spokeswoman .

After fake Time cover story, Trump calls the Washington Post 'fake news'
Fake cover hanging in one of Trump's golf courses (left). " Donald Trump is the chief purveyor of fake news in America". The covers have been discovered near the pro shops of some of his clubs, The Washington Post reported Tuesday .