June Jobs Report Beats Wall Street Expectations

David McNew  Reuters

The dollar gained across the board on Friday in choppy trading after a report showed the USA economy created far more jobs than expected in June and the previous months, keeping the Federal Reserve on track to raise interest rates at least once this year. The unemployment rate ticked slightly higher to 4.4% from 4.3%, while the labor force participation rate edged up to 62.8% from 62.7% during the month.

The June jobs numbers come on the heels of data from payroll processing firm ADP, which reported Thursday that 158,000 people were added to private sector payrolls in the month, falling short of estimates for 185,000.

June's employment gains exceeded the 186,000 monthly average for 2016, reinforcing views that the economy regained speed in the second quarter after a sluggish performance at the start of the year.

He was talking about a July 3 report showing that USA manufacturers grew at their fastest pace in three years.

The Labor Department also said average hourly employee earnings rose by 0.2% to USD26.25. That's below the 3.5 percent pace typical of a healthy economy.

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With the modest increase, the unemployment rate crept up off the sixteen-year low set in the previous month. Since January, the unemployment rate and the number of unemployed are down by 0.4% and 658,000, respectively.

Economists say when hiring steps up, employers usually have to raise wages to attract and retain the best workers.Many companies complain they cannot get all the technically-skilled workers they need.But so far, overall wages have grown little.

"It's a good report for the economy", said John Silvia, chief economist at Wells Fargo. Economists say that isn't surprising: Employers tend not to cut pay for workers who survive a round of layoffs to avoid further demoralizing a staff. So to offset the cost of leaving wages untouched, many employers have withheld raises as the economy has improved. He employs 15 people.

This measure does not account for those individuals who have dropped out of the labor force-it simply measures the percent of those who did not have a job but actively sought one over the month.

At the current pace, the US would add about 1.9 million jobs in 2017. "A tight labor market will lead to greater wage growth". The jobs rebound also was sure to comfort Federal Reserve policymakers planning to hike benchmark interest rates later this year despite persistently weak inflation.

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