The US economy added 213,000 jobs in June, more than expected, while the unemployment rate jumped to 4%, according to the jobs reportreleased by the Bureau of Labor Statistics on Friday.
Buoyant job creation: The U.S. economy continues to be one of the most dynamic job creators in the world, adding 213,000 jobs in June (the median estimate of analysts surveyed by Bloomberg called for a gain of 195,000).
The unemployment rate rose to 4.0 percent from an 18-year low of 3.8 percent in June as 601,000 job seekers entered the labor force in a sign of confidence in the jobs market.
The details across industries showed continued strength in goods-producing jobs: Manufacturing added 36,000 to payrolls, the best month since December, including a 12,000 increase in the auto industry, the most since August. The U.S. central bank raised interest rates last month for the second time this year and has projected two more rate hikes by year end.
Canada received a dose of new jobs last month, maintained sturdy wage growth and saw more people searching for work - all seen as positives by experts who believe the path is clear for the central bank to raise interest rates next week.
The combination of strong job growth with stagnant wages has been an ongoing pattern in jobs reports since the 2007-2008 financial crisis and subsequent "Great Recession". BLSreported that 1,141,400 people were employed in legal services in June, a figure that includes lawyers, paralegals, legal secretaries and other law-related professions.
Fed officials say rate hikes could slow growth At the June meeting, they voted to raise the benchmark rate for a second time this year to a new range of 1.75% to 2%. The Trump administration has imposed tariffs on steel and aluminum imports.
Looking further into the report, the unemployment rate rose to 4 percent after holding steady at 3.8 percent, its lowest level since 1969. The increase is above the gains required for the accommodation of the population growth and about 20,000 more compared to last year's average during the same period.
The US economy keeps adding jobs at a blistering pace.
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.
The gain in US total employment through the first half of this year has been 1.3 million jobs. Over the past year, average monthly payroll gains have hovered around 200,000, and hiring has been running ahead of growth in the labor force. Most economists say they still think the low unemployment rate will eventually force more employers to offer higher pay in order to fill jobs. Job growth occurred in professional and business services, manufacturing, and health care, while retail trade lost jobs.
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