US Added 213000 Jobs In June

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USA employers kept up a brisk hiring pace in June by adding 213,000 jobs, a sign of confidence in the economy despite the start of a potentially punishing trade war with China.

"Healthy" rise in the unemployment rate: Even though it was expected to decline, the unemployment rate rose to 4 percent from 3.8 percent. The driving force behind the surge, however, is frictional unemployment, characterized by workers' confidence to switch jobs in today's economic climate.

Employers in the United States are thought to have kept up their brisk pace of hiring in June, reflecting the durability of the second-longest US economic expansion on record even in the face of a trade war with China. Yet its path ahead is uncertain.

Last month, President Trump broke with long-standing practice and tweeted about the jobs report prior to its official 8:30 a.m. release, prompting markets to move.

Ian Shepherdson, chief economist of Pantheon Macroeconomics, said "we can't stress enough that all the numbers from the household survey are so volatile that they're essentially meaningless on a month-to-month basis".

Nonetheless, an escalating trade war poses a clear threat.

This follows a survey in June, which showed record-high optimism among USA manufacturers.

Health care added 25,200 jobs, nearly exactly in line with its average over the previous year.

President Donald Trump ran for president with a promise of reviving the economy and the results so far look to boost his agenda for the November 6 midterm elections.

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For the month of June, wages increased at a relatively solid annual rate of 2.7 percent.

Market Watch points out that the pay increase is only slightly above the inflation rate, resulting in little purchasing power attainment. Restaurants added 16,400 jobs in June, under the average of 18,400 over the year. After unemployment dropped to 3.8 percent in May, sparking worries of labor shortages, over 700,000 women joined the labor force in June, thus cooling the job market.

The moderate wage growth should allay fears of a strong build-up in inflation pressures.

The national jobless rate climbed 0.2% last month.

Tapping into the potential pool of those who have given up looking for work, the job market seems to still have room for improvement. Through the first six months of 2017, the monthly average increment was also good, but it was a somewhat lower +184,000.

So far this year, the US economy has added an average of 215,000 jobs per month. The education and health sector added 54,000. Only retail showed a significant loss while many other sectors remained largely unchanged.

In its report July 6, the government revised up its estimate of job growth in May and April by a combined 37,000.

Following the report, USA stock turned positive after having been in red figures ahead of the report.

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