USA economy creates more jobs than expected in June

USA economy creates more jobs than expected in June

USA economy creates more jobs than expected in June

The U.S. economy added 222,000 jobs in June to surpass expectations, keeping the Federal Reserve on course as it steadily raises interest rates.

In a speech in August, Trump called the then 4.9 percent unemployment rate at the time "one of the biggest hoaxes in modern politics" because it didn't take into account the number of people who had dropped out of the labor force.

Although more Americans joined the labor force and found jobs in the month of June, the number of unemployed also increased.

The unemployment rate, rising wage growth and job gains indicate an economy on the rise, but the sluggish growth in the average hourly earnings (2.5 percent over the year) is still cause for concern.

Friday's jobs report from the government suggested that after eight years of a grinding but resilient recovery, companies still have room to hire at a healthy pace. This is below the targeted growth rate of 3.5 percent.

Notable sectors adding workers in June included health-care companies, which added 37,000 jobs; government employers, which added 35,000 jobs; construction firms, which added 16,000 jobs; and retailers, which added 8,100 jobs. A typical American in the 25-to-34 age range earned $34,800 in 2016, according to the Census Bureau.

"Really great numbers on jobs & the economy!" Employers would probably be hiring faster if they weren't having so much trouble finding the workers they need.

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Mark Zandi, chief economist at Moody's Analytics, which helps compile the ADP report, said that a shortage of workers will likely worsen as the baby boom generation continues to retire.

And some businesses have decided they can't raise prices enough to afford meaningful pay raises. It also inflicted pain on other people who weren't technically unemployed.

That's not quite as many as the 908,000 jobs added during President Barack Obama's last five months in office.

At the current pace, the US would add about 1.9 million jobs in 2017.

"Stock Market at all time high, unemployment at lowest level in years (wages will start going up) and our base has never been stronger!" he wrote. That pushed the dollar index up 0.3 percent at 96.042 .dxy Sterling, meanwhile, fell to a more than one-week low of $1.2871 and was last down 0.7 percent at $1.2882.After the jobs data, US short-term interest rate futures reflected continued bets that the Fed would raise interest rates in December.

But many workers may not believe it until they see it.

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