Job Gains Top 200,000 for 2nd Straight Month

Job Gains Top 200,000 for 2nd Straight Month

Job Gains Top 200,000 for 2nd Straight Month

- USA job growth increased more than expected in June as manufacturers stepped up hiring, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases. Additionally, the unemployment rate rose to 4 percent from 3.8 percent even as the labor market encouraged people to seek employment.

Automakers added 12,000 jobs in June, but adverse trade developments could deflate the gain. The bank's overnight rate target is 1.25 per cent.

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.

On the negative side, the unemployment rate for black workers increased 0.6 percentage points to 6.5 percent from the record low hit in May. Average hourly earnings rose 0.2 percent from the prior month - less than forecast for the second-straight 0.3 percent gain - while the jobless rate increased to 4 percent from 3.8 percent, the first rise in nearly a year.

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It is unusual for monthly job numbers to be this high nine years into an expansion. The United States is now in a trade war with all its top five trading partners: China, Canada, Mexico, the European Union and Japan.

The Labor Department's monthly jobs report will be released at 8:30 a.m.

Unemployment rate rises for an encouraging reason: workers are confident they can find a new job in today's economy. The breakdown of the gains however was less rosy - centered around self- employment, part-time work and the public sector.

"It's not your father's labor market anymore", said Diane Swonk, chief economist at Grant Thornton.

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Several measures showed that the labor market still has slack to absorb.

Think about it. Suddenly, because they feel confident that a job may exist for them, 601,000 people got off the couch and looked for work. Among the strongest industries for job growth during the month was manufacturing, which extended a surge in hiring by adding 36,000 jobs even with tariffs in place.

"Pay hikes haven't picked up as much as anticipated in light of the historically low jobless rate, but economists expect annual gains to reach 3 percent by the end of the year", USA Today said. The concern is that a tit-for-tat escalation of tariffs will be increasingly damaging for activity, hurting sentiment and leading to a slower pace of growth in capital expenditure and job creation.

TD senior economist Brian DePratto wrote in a note Friday that the "employment mix could have been a bit healthier, but it certainly could have been worse too". "We've seen that happen at an alarming rate".

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President Donald Trump has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what he says is unfair competition from foreign manufacturers.

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