Business hiring forges ahead in June, with 213,000 jobs added

08 July, 2018, 07:43 | Author: Eric Barnett
  • Ford trucks rolls of the line at a plan in Ohio

The Bureau of Labor Statistics reported the economy added 213,000 jobs in June. Over the past three months, the economy has produced a robust average monthly job gain of 211,000. When a worker enters the labor force after spending a long period of time outside the labor force (that is, extreme long-term unemployment or being outside the labor force for other reasons), they are counted as long-term unemployed (that is, unemployed for 27 weeks or longer, but now looking for work). The EPOP for prime-age workers (ages 25 to 54) edged up to 79.3 percent, tying the high for the recovery reached in February.

The sluggish wage growth is made worse by rising inflation rates eating away at take-home pay. Wages continued their modest rise, increasing 2.7 percent from the year before.

But average, hourly earnings increased in both May and June, according to BLS numbers.

This includes over 5,000 new positions in computer and electronic products, 7,000 jobs in fabricated metals, and over 12,000 jobs in motor vehicles and parts.

Manufacturing has been one of President Trump's main areas of focus, and the administration's pro-business policies have had a direct impact on growth. Construction added 13,000 jobs, while retail lost 22,000 - nearly all the jobs it had gained the month before.

The June jobs report is out and it's a beat.

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. This may be due to erratic seasonal factors.

Of those, 499,000 couldn't find work, but they did show up in the government's survey as searching for a job. The Wall Street Journal credited new manufacturing with the positive news. Nonetheless the EPOP for men is still 0.9 percentage points above its year-ago level, compared with 0.7 percentage points for women. With the job market expanding and new workers flooding in, some employers may not feel pressure to hike wages for their employees. The labor force participation rate is still hovering near historic lows.

Regina, Saskatchewan has a higher unemployment rate than Windsor, but may actually have more people working.

The dollar fell to a three-week low against a basket of currencies on the employment report. While 12.4 percent is still high for this recovery, it is well below the rates of more than 14 percent seen the last time the unemployment rate was this low in 1999 and 2000. The breakdown of the gains however was less rosy - centered around self- employment, part-time work and the public sector.


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