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WRAPUP 1-US job growth seen strong in June, wages picking up
09 July 2018, 01:45 | Austin Hogan
US jobs growth stronger than expected
As more Americans entered the labor force but not all found jobs, USA unemployment rate in June rose slightly from 3.8 percent in May, the lowest level since April 2000.
Average hourly earnings increased 5 cents to $26.98, keeping the annual increase unchanged at 2.7 percent.
The rise in the jobless rate may ease any pressure on the Fed to raise interest rates at a faster pace. "Aside from the immediate job market impacts, the trade disputes risk raising prices for consumers hurting their purchasing power, which then reinforces the dampening impact on the job market", Hamrick added. Over the past 12 months, this sector has gained 285,000 jobs, with about three-quarters of them involving durable goods such as metal products, computer parts and cars.
Policymakers at the Federal Reserve, the USA central bank, monitor the report because they can raise interest rates when employment is close to full, wages are rising healthily and unemployment is low.
The June jobs report showed employers added 213,000 nonfarm payrolls, more than economists had expected. This was more than the 190,000 forecast by economists. As executives say they can not find enough qualified workers, some are turning to hiring people who are incarcerated or people with disabilities.
The job growth wasn't enough to keep the unemployment rate from rising from 3.8 percent to 4 percent, the government said July 6.
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.
A steady pace of hiring and gradually rising wages, along with lower taxes, are helping underpin consumer spending and propelling a rebound in USA growth this quarter.
In addition, the data should encourage the Federal Reserve to hike interest rates at least once more this year (with the balance of risks tilting toward two hikes).
The employment increase last month beat economist expectations for a 20,000 gain and was the second highest so far in a year where job creation has been sluggish.
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 number, however, did come down from its nine-year high in May of 3.9 per cent.
"This is a good job-creation number, but on the other hand we see still continued soft wage growth", said Michael Feroli, chief USA economist at JPMorgan Chase. By contrast, in the past year the unemployment rate has fallen by 0.4 percentage points for workers with just a high school degree, by 0.5 percentage points for workers with some college or an associate degree, and a full percentage point for workers with less than a high school degree.
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