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09 July 2018, 04:16 | Austin Hogan
- US 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.
According to Gallup, some 65 percent of Americans believe now is a good time to find a "quality job".
Hispanic unemployment dropped to 4.6 percent in June, the lowest level since the Bureau of Labor Statistics (BLS) started recording the data in 1973. The increase is the same for both overall employment and production and nonsupervisory workers.
Ian Shepherdson, chief economist of Pantheon Macroeconomics, said "we can't stress enough that all the numbers from the household survey are so volatile that they're essentially meaningless on a month-to-month basis".
Following the report, US stock turned positive after having been in red figures ahead of the report.
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But in fact more people entering the workforce is a sign of optimism that jobs are available in an economy now entering its 10th year of expansion. The Labor Department also revised its estimates for job growth in May, going from a previous estimate of 233,000 new jobs to 244,000 jobs new jobs.
Automakers added 12,000 jobs in June, but adverse trade developments could deflate the gain.
Washington is also engaged in fights with other major trade partners, including Canada, Mexico and the European Union after President Donald Trump imposed tariffs on steel and aluminum imports.
Last month, United States employers added 213,000 jobs, exceeding already high expectations of 195,000. This suggests the Federal Reserve needs to keep raising interest rates with at least two more rate hikes likely this year.
"Healthy" rise in the unemployment rate: Even though it was expected to decline, the unemployment rate rose to 4 percent from 3.8 percent. Full-time employment was up by 9,100 By sector, employment in goods producing industries was up by 46,600, the highest since April 2012, led by construction and manufacturing Service producing industries lost 14,700 jobs during the month Self-employment was up by 22,000, with employment in the public sector rising by 11,800. Fed officials last month boosted the number of interest-rate hikes they expect in 2018 to four from three. That tepid increase to an average of $26.98 per hour, however, is due to the disproportionately high number of positions filled by job seekers with high-school diplomas, who generally receive lower wages.
Despite a relatively tight labour market, wage growth remains stuck in the 2 per cent range, with the annual gain of 2.7 per cent unchanged from May.
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