News Worms
News Worms

U.S. stocks rise after solid June jobs report

U.S. stocks rise after solid June jobs report

The economy added 222,000 jobs in June, more than expected, while the unemployment rate rose slightly to 4.4%. The unemployment rate for June ticked up to 4.4 percent from 4.3 percent in May, a 16-year low, the Bureau of Labor Statistics said Friday. The average work week edged higher, rising 0.1 hours to 34.5.

The figure for May was also revised up from 138,000 to 152,000 and the April figure from 174,000 to 207,000, reinforcing the impression of a rapidly expanding jobs market in the world's largest economy.

The uptick in the unemployment rate came as the labor force jumped by 361,000 people, more than offsetting the increase of 245,000 people in the household survey of employment.

Employment gains stateside have averaged 180,000 per month in 2017, a shade below the 187,000 in 2016.

The Labor Department also said average hourly employee earnings rose by 0.2% to USD26.25. The forecast to grow twice as fast in the second quarter as it did in the first three months of the year.

"After last month's surge in jobs activity, small business owners seem to be in a holding pattern while they wait to see what Congress will do with taxes and health care", said National Federation of Independent Business president and CEO Juanita Duggan.

He was talking about a July 3 report showing that US manufacturers grew at their fastest pace in three years. "This isn't a 3 percent growth economy and this isn't a 3 percent growth jobs report", he said.

Overall, this morning's report shows a recovery continuing to chug along, but with wage growth below target levels, it is abundantly clear that we have a ways to go before we reach genuine full employment-where workers see better wage growth and workers who have been sitting on the sidelines see better job opportunities.

The job market, in other words, has proved itself resilient.

The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population.

With unemployment at an uncommonly low 4.3 percent, many employers have complained that they can't find enough qualified workers.

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.

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.


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