June surge sees United States adding 222000 jobs

NEETALPAREKH at Flickr

Financial activities employment rose by 17,000 jobs in June and has grown by 169,000 jobs over the year. Securities, commodity contracts, and investments added 5,000 jobs over the month. "But it doesn't allow for robust employment growth because that's an up that's swinging against the down". Wages faced some downward pressure in June from an increase in government jobs.

Two resilient sectors continued their upward trend in June, with professional and business services adding 35,000 jobs - and 624,000 over the past 12 months - and the food and drink service industry adding 29,000 jobs, with 277,000 over the past year. The industry has added 277,000 jobs over the year.

Economists had been expecting the U.S. to add around 178,000 over them month but the latest numbers from the bureau of labour statistics comfortably beat those estimates as healthcare and food services showed big monthly gains.

The sector has purged jobs for three straight months.

New positions among autoworkers fell by 1,300 in the sector that has seen sales dwindle after the record pace of 2016.

The yen also slid earlier on Friday after the Bank of Japan said it would buy an unlimited amount of bonds, as it sought to put a lid on domestic rates pushed higher by the broad sell-off in developed market bonds.

We talk about this every time there's a job report, and we'll probably always talk about it because most people don't really have a proper frame of reference for how many new jobs qualifies as a lot.

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The Council of Economic Advisers found that the other half of the drop in labor-force participation came from cyclical factors tied to the Great Recession. But those figures were revised up this month to 152,000.

So far, 2017 is on track to produce the fewest net new jobs in seven years. "Over the year, average hourly earnings have risen by 63 cents, or 2.5 percent", the Labor Department says.

While job growth picked up, economists see more room for improvement in wages and participation in the workforce, which have been slow to keep pace. It seems unlikely, though, that it will be the kind of explosion in growth that Trump supporters and the Administration have been hoping for. "Things are starting to kick in now, and we have just begun!".

While the current economic expansion is already the third-longest in history, an aging population and a relative lack of technological innovation mean that rates of economic growth have been slower than past boom times.

Most analysts and market participants believe that the Fed is likely to start shrinking its balance sheet in September, with a further rate increase in December.

Economists have described job growth this year as solid. "Really great numbers on jobs & the economy!" he wrote. Outside of signing into law a handful of Congressional resolutions that undid some regulations adopted under the Obama Administration, the Trump Administration really hasn't done anything that would have a significant impact on the economy in either a positive or negative way. "But it did not diminish the need for structural reforms in tax, regulatory, and entitlement policies".

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