USA unemployment rate ticks up to 4 pct in June

The U.S. economy added 213,000 jobs in June, as unemployment rose to 4 percent

The U.S. economy added 213,000 jobs in June, as unemployment rose to 4 percent

The U.S. central bank increased interest rates last month for the second time this year and has projected two more rate hikes by year end. Yet its path ahead is uncertain.

Following the report, USA stock turned positive after having been in red figures ahead of the report.

The jobs report Friday showed that, compared with a year earlier, overall employment was up 1.2 per cent last month following the creation of 214,900 jobs.

While improving prospects for employment and wages are helping attract people from the sidelines of the job market, the retirements of older workers are among factors that have been exerting downward pressure on participation.

However, the annual increase in average hourly earnings was unchanged at 2.7%. But the average was skewed downward in June because the job seekers were mainly those with only a high school education or less, who are generally paid lower wages, Barrera noted.

A closer look at the numbers shows Canada added 9,100 full-time jobs in June and 22,700 part-time positions.

Despite the small bump in unemployment, a decade of steady job growth following the Great Recession has pushed unemployment to the lowest level in decades.


Despite the low unemployment and struggles to find workers, companies still appear hesitant to significantly raise pay in many industries.

Just the same, in five of the six months prior to June, construction workers (not including bosses) saw weekly earnings hikes of more than +4.3% year over year. Manufacturing led the way with an increase of 36,000 jobs, 12,000 of which were in autos.

Health care added 25,200 jobs, nearly exactly in line with its average over the past year. It had declined for three months in a row.

It also boosted the USA stock indexes, which are expected to reap weekly gains on Friday after 14 days of losses. In June, it was 2.7%, staying the same as the previous month, and falling short of economists' expectations. At more than 1.141 million people employed in the industry in June, the legal jobs figures edged outside of a range that has prevailed since December 2016.

Manufacturers and services firms have said in recent surveys that their business is improving despite anxiety about the tariff showdown between the United States and China.

The monthly average climb so far in 2018 has been +215,000. Retail sales jumped a strong 0.8 percent in May in a sign that consumers feel secure enough to spend. In general, monthly payroll gains of around 100,000 - or even a bit less - are sufficient to keep pushing down the unemployment rate, according to economists. The low jobless rate has yet to force employers to offer higher wages in order to fill job openings.

"He pointed to minutes from the June Federal Open Market Committee, which indicate that some business leaders' "'plans for capital spending had been scaled back or postponed, '" which will likely also affect hiring.

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