United States job growth strong; unemployment rate rises to 4.0 percent

The U.S. economy added 213,000 jobs in June, as unemployment rose to 4 percent

Total nonfarm payroll employment increased by 213,000 in June and has grown by 2.4 million over the last 12 months.

May's job gains were also revised up to 244,000 from 223,000, and job gains have now averaged 211,000 per month over the last three months.

The unemployment rate rose to 4.0 percent from an 18-year low of 3.8 percent in June as more people entered the labor force in a sign of confidence in the jobs market. Some 213,000 jobs were added, the Labor Department reported Friday, making for the second month in a row with figures above 200,000.

Among industrial sub-sectors, the three standouts for jobs improvement in June were: "education and health services", +54,000; "professional and business services", +50,000; and in a long-time-coming and pleasantly-welcome development, "manufacturing", +36,000. The median estimate of analysts surveyed by Bloomberg called for a gain of 195,000 jobs. This extra labour supply has seemingly helped keep wage growth in check.

Sure, the unemployment rate rose, but that's because more people were drawn into the worker-friendly labor market, not because payroll gains were weak.

In general, monthly payroll gains of around 100 000 - or even a bit less - are sufficient to keep pushing down the unemployment rate, according to economists.

An acceleration in pay increases could prompt the Federal Reserve to raise interest rates more sharply to head off a spike in inflation. The average hourly earnings of private-sector production and nonsupervisory employees increased by four cents to $22.62.

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For Catherine Barrera, who works as the Chief Economist for online job site ZipRecruiter, reportedly said the labor force numbers quelled her concern about the unemployment figure.

Job gains in June were nearly broad. It is expected to hover around its target for a while, in part because of labor market tightness. Hispanic unemployment fell to a record low of 4.6 percent in June, and unemployment remains near record lows for African Americans and for Americans with less than a high school degree.

Wage growth also jumped a tad, rising 2.7% from last June.

Following the report, USA stock turned positive after having been in red figures ahead of the report.

The economy also faces a substantial threat from the Trump administration's trade war with China and from other, ongoing trade disputes with US allies, including Canada and Europe.

While economists say the tax cuts are boosting growth this year, they warn that Trump's actions on trade could have damaging impacts on the economy and jobs.

The big news from the Labor Department's employment report Friday is that 601,000 Americans re-entered the workforce in June.

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