According to new numbers out Friday, the US economy added an additional 213,000 jobs in June.
Private employers expanded their payrolls for the 93rd consecutive month in June, by 213,000 jobs, the Department of Labor's employment situationreport showed yesterday.
In its report July 6, the government revised up its estimate of job growth in May and April by a combined 37,000.
Many analysts read the higher jobless rate as an encouraging sign because the influx of almost 76,000 job seekers back into the labour market last month suggested more people are optimistic they can find work thanks to the hotter economy. 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 US goods.
On the same day that the Trump administration began imposing tariffs on $34 billion in Chinese imports and China retaliated with their own tariffs, the job gain showed that the 9-year old USA economic expansion - the second-longest on record - remains on solid ground for the moment.
"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.
Businesses added 213,000 jobs to their payrolls in June, another strong month of gains. Average hourly earnings increased by 0.2% month-on-month and 2.7% year-on-year, weaker than economists had forecast. Instead of accelerating, as many had hoped, annual wage growth fell slightly, to 2.7 percent from 2.8 percent.
The moderate wage growth should allay fears of a strong build-up in inflation pressures. The Fed's preferred inflation measure hit its 2% target in May for the first time in six years.
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The United States has increased jobs monthly for more than seven years, but some analysts suggest that the escalating trade disputes between the USA and its allies could threaten growth.
The dollar extended losses against the euro and the yen after the employment report. Prices for longer-dated U.S. Treasuries rose. The drop in yields is making the U.S. Dollar a less attractive investment.
Amid news of May's record-low unemployment rate, House Minority Leader Nancy Pelosi (D-Calif.) shifted attention to allegedly stagnant wage growth under Trump. The magic of rounding off decimal points (from 3.75 percent in May up to 3.8 percent; and from 4.05 percent in June down to 4.0 percent) made the increase in the jobless rate look smaller than it actually was. And as executives say they can not find enough qualified workers, many are turning to hiring people who are now incarcerated or people with disabilities.
While economists say the tax cuts are boosting growth this year, they warn that Trump's actions on trade could have damaging impacts on the economy and jobs. Given the flood of new workers, not all who got jobs pushed the unemployment rate up to 4% from 3.8%. Traders said the report was more encouraging than discouraging in the wake of an escalating trade war between the US and China. Levies on $34 billion in Chinese goods took effect at 12:01 a.m. Friday. The United States is now in a trade war with all its top five trading partners: China, Canada, Mexico, the European Union and Japan.
They expect the manufacturing sector to bear the brunt of the trade fights, through a slowdown in hiring and capital expenditure.
Mining employment continues to trend upward as the USA adds thousands of jobs in June.
Construction added 13,000 jobs, while retail lost 22,000 - nearly all the jobs it had gained the month before. The increase is the same for both overall employment and production and nonsupervisory workers.
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