us job creation surges in june pointing to markets resilience
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

US job creation surges in June, pointing to market's resilience

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleUS job creation surges in June, pointing to market's resilience

US job creation rebounded in June
Washington - AFP

US job creation returned with a roar in June, offering a dose of welcome news to the White House and offsetting fears of a slowing economy, official figures showed Friday.

Still, the robust employment report came amid persistently sluggish wage gains while the jobless rate ticked higher -- with more people returning from the sidelines to search for work, according to the Labor Department.

The US economic engine created another 222,000 jobs last month, far surpassing an analyst forecast for 173,000 net new positions, while the jobless rate rose a tenth of a point to 4.4 percent, according to the report.

The result came after several months in which other economic data suggested the world's largest economy could be starting to lose steam. The jobs rebound also was sure to comfort Federal Reserve policymakers planning to hike benchmark interest rates later this year despite persistently weak inflation.

Gains in pay, however, were a disappointment and could fuel disagreements among Fed policymakers about the dangers of inflation.

Average hourly earnings rose four cents to $26.25, up 2.5 percent over June of last year -- the same annual gain reported in May and just ahead of inflation.

The report revised May's comparatively somber report, adding a net 47,000 jobs to the totals for that month and to April.

"The trend in employment growth remains more than strong enough to keep the unemployment rate trending down, which we expect will add to upward pressure on wages," said Jim O'Sullivan of High Frequency Economics.

"That said, for now, the wage data are tame enough to keep the debate about the relationship between slack and inflation very much alive."

The labor force participation rate rose a tenth of a point to 62.8 percent, at a time when many US students and new college graduates began hunting for summer work. As more workers begin looking for jobs, that can push the unemployment rate higher.

- Rising employment for African-Americans -

Job gains were seen in healthcare, which added 37,000 new positions, financial services, which rose 17,000, and mining, which increased by 8,000 amid a modest recovery in the oil and gas sector since last summer.

The report brought monthly job creation so far this year to an average of 180,000, a little lower than the average of 187,000 recorded last year.

Nariman Behravesh of IHS Markit said the report overstated some of the vigor in the jobs market, since an important part of June's jump was due to a seasonal upswing in hiring by state and local governments -- something that can also be tied to the end of the school year.

Still, he said, "the continued vitality in the US labor market means that the Fed is on track to begin shrinking its balance sheet in September and to raise rates again in December."

The manufacturing sector -- key to President Donald Trump's pledge to revive the economy -- was little changed, adding just 1,000 new positions after losing twice as many the month before.

New positions among autoworkers fell by 1,300 in a sector that has seen sales dwindle after the record pace of 2016.

The share of people out of work but who had been seeking a job for fewer than 26 weeks dropped sharply, falling 18 percent to 948,000. But the ranks of the long-term unemployed edged up by 1,000 to 1.7 million.

Elise Gould of the Economic Policy Institute noted that among worker groups the jobs report contained good news for African-Americans, for whom the jobless rate has tumbled to 7.1 percent, down 1.5 points from the same month last year.

"While the unemployment rates for workers of color remain far higher than for white non-Hispanic workers, the black unemployment rate has been falling faster than overall unemployment over the last year," she said in a statement.

source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us job creation surges in june pointing to markets resilience us job creation surges in june pointing to markets resilience

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 17:35 2017 Wednesday ,27 December

Egyptian MP underlines Egypt’s ability

GMT 15:43 2011 Sunday ,15 May

US bid to save Louisiana cities

GMT 12:06 2012 Friday ,04 May

Is there a solution for Sudan?

GMT 07:43 2014 Tuesday ,12 August

Where is Assad on Gaza

GMT 07:44 2017 Tuesday ,07 February

Holding local elections requires dialogue

GMT 10:23 2016 Saturday ,16 January

Jazz parades and glittery parties

GMT 14:45 2017 Thursday ,07 September

NATO on guard ahead of major Russian war games

GMT 23:59 2011 Wednesday ,09 March

Exxon Scores Key Victory In Alaska

GMT 12:13 2011 Friday ,16 December

Beckham Style Icon for Over 50

GMT 13:53 2011 Tuesday ,28 June

De Gea confirms Manchester United offer

GMT 23:07 2012 Tuesday ,31 January

The Kardashian Sisters Topless

GMT 08:21 2011 Wednesday ,28 December

Modern rocking chair

GMT 00:52 2011 Friday ,25 November

Graffiti as art in order-conscious Singapore

GMT 04:01 2015 Tuesday ,17 February

Qatar national library to host event for children

GMT 10:18 2012 Sunday ,08 January

Mental illness 'rampant' in Somalia

GMT 07:17 2015 Monday ,02 March

Tintin set to go at Paris auctions

GMT 14:27 2017 Monday ,06 February

NATO starts anti-Daesh bomb training in Iraq

GMT 09:06 2016 Wednesday ,26 October

Canada parliament votes to take in Yazidi refugees

GMT 20:28 2017 Monday ,19 June

Deadly wildfires around the world

GMT 04:31 2017 Thursday ,16 February

Tunisian designers look to past for inspiration
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle