Business hiring forges ahead in June, with 213,000 jobs added

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Business hiring forges ahead in June, with 213,000 jobs added

More specifically, hiring in the manufacturing sector - which should be the most sensitive to retaliatory trade sanctions - is running at the fastest pace since 1998. Even so, 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. Trump argues that the duties are necessary to protect domestic industries from what he says is unfair competition from foreign manufacturers.

The U-6 or underemployment rate rose to 7.8 percent from 7.6 percent; the gauge includes part-time workers who'd prefer a full-time position and people who want a job but aren't actively looking. Manufacturing led the way with an increase of 36,000 jobs, 12,000 of which were in autos.

The unemployment rate moved up last month despite the addition of new jobs because almost 76,000 more people entered the workforce. Over the past three months, the economy has produced a robust average monthly job gain of 211,000.

From Table B-8, there were the same hourly and weekly earnings increases across all types of work, +2.7% and +3.0%, but for construction alone, the gains were better, +3.5% hourly and +4.3% weekly.

The moderate wage growth should allay fears of a strong build-up in inflation pressures. Economists expect inflation will hover around its target because of labor market tightness. Economists project that the GDP growth will maintain the yearly pace of 4% or even higher in the second quarter.

"People are anxious. The trade war isn't hurting them yet, but they are concerned". There are two tables focusing on compensation in the Employment Situation report, B-3 and B-8. "It indicates that we have more labor market slack".

America's labour market boomed again last month, strengthening the case for the Federal Reserve to raise interest rates twice more this year. The participation rate, or share of working-age people in the labour force, increased to 62.9 per cent from 62.7 per cent the prior month. Additionally, the Trump administration has drawn attention to the record-low of African American unemployment, even as it remained higher than the overall rate at 5.9%.

"The trends are strong", said Jim O'Sullivan, chief economist of High Frequency Economics. The factory jobs were concentrated in the automobile industry, which had seen a decline in employment in May after a fire at a major parts supplier disrupted production.

So far this year, the US economy has added an average of 215,000 jobs per month.

Staffing in "professional and business services" (+50,000) received boosts from "temporary help services", +9,000; "architectural and engineering services", +7,000; and "computer systems design and related design", +6,000.

The report showed little, if any, evidence of tariff-related weakness in the economy, especially with continued strength in goods-producing jobs.

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