Economy

Manufacturers Created 36K New Jobs in June, According to US Labor Dept.

Manufacturers Created 36K New Jobs in June, According to US Labor Dept.

Economists had forecast that June would be another strong month for the US labor market, with nonfarm payrolls expected to have grown by 195,000 during the month with the unemployment rate expected to hold steady at an 18-year low of 3.8%, according to estimates compiled by Bloomberg. Wages continued their modest rise, increasing 2.7 percent from the year before.

Not all of those who re-entered the market were able to find jobs, which contributed to the uptick in the unemployment rate.

Before December 2017, the unemployment rate in the region never dipped below six per cent since comparable statistics started being recorded.

The decline in the unemployment rate was driven by an increase in employment; the region added slightly over 10,000 jobs between May and June, according to the federal statistics agency. More than 600,000 workers joined the economy last month, bringing the total labor force participation rate to 62.9 percent.

It is unusual for monthly job numbers to be this high nine years into an expansion.

More news: Scott Pruitt Out as EPA Chief

Construction payrolls rose by 13,000 last month after rising by 29,000 jobs in May. It's "another strong month for jobs", CNN's Christine Romans told her viewers. Even with more and more jobs, annual wage growth has remained stubbornly below 3% since early 2009.

Manufacturers added 36,000 jobs last month.

In its report Friday, the government revised up its estimate of job growth in May and April by a combined 37,000. The low jobless rate has yet to force employers to offer higher wages in order to fill job openings.

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.

Here's what the latest report means for American workers and the U.S economy as we approach the second half of 2018.


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