US Job Growth Was Likely Solid In June Despite Trade Risks

08 July, 2018, 18:40 | Author: Eric Barnett
  • More people felt it was a good time to begin looking for a job though not all of them immediately found one

But in Friday's revised figures, BLS reports that the legal services industry actually gained 300 jobs in May, compared with April.

Revisions to prior reports added a total of 37,000 jobs to payrolls in the previous two months, according to the figures, resulting in a three-month average of 211,000.

Construction payrolls rose by 13,000 last month after increasing by 29,000 jobs in May.

"Let's remember that for some time, the unemployment rate has been below the level typically associated with 'full employment, ' but the relatively robust level of hiring being seen suggests there's more room" for the jobless rate to drop, he added.

The result of these policies in the USA and internationally has been a steep decline in the social position of the working class and a precipitous rise in social inequality, with over 90 percent of income gains going to the top 10 percent of households in the United States over this period. In H1 of a year ago, the increase was 1.1 million. Housing starts have climbed 11 percent so far this year. Through the first six months of 2017, the monthly average increment was also good, but it was a somewhat lower +184,000. It is now back to prerecession lows measured as a share of employment.

The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose to 62.9 percent last month from 62.7 percent in May.

The leap in manufacturing employment was nearly all within the durable goods realm, +32,000.

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. The education and health sector added 54,000.


Staffing in "professional and business services" (+50,000) received boosts from "temporary help services", +9,000; "architectural and engineering services", +7,000; and "computer systems design and related design", +6,000. This was consistent with sectoral data pointing to a more dynamic manufacturing sector among others.

The healthy payroll expansion undertaken by architectural and engineering firms is encouraging news for contractors. Automakers added 12,000 jobs in June.

Nevertheless, the average monthly increase in USA construction employment through the first half of this year has been +25,000, up from +20,000 for January-to-June of 2017.

A steady pace of hiring and gradually rising wages, along with lower taxes, are helping underpin consumer spending and propelling a rebound in United States growth this quarter. White unemployment remained stable at 3.5 percent. The second, B-8, is for only production workers, leaving out bosses.

That could boost the annual increase in average hourly earnings to as high as 2.9 percent, the largest gain since June 2009, from 2.7 percent in May.

The picture was brighter for the leisure and hospitality industry. But retailers shed 21,600 jobs, with the losses concentrated at general merchandise stores.

"People are anxious. The trade war isn't hurting them yet, but they are concerned".

The Labor Department will publish its closely watched employment report on Friday at 0830 EDT (1230 GMT). Stocks on Wall Street were trading higher. "We still target 3.5% by year end".

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