Labor Market Adds Another 213,000 Jobs in June

July 9, 2018

Labor Market Adds Another 213,000 Jobs in June

This newsletter references the BLS Report of June activity, released 7/6/18.

JOB GROWTH: The economy added 213,000 jobs in June, a bit behind the revised figure of 244,000 for May, but a strong showing nonetheless. Total non-farm employment has grown by 2.4 million over the past 12 months.

TOP INDUSTRIES: The most significant job gains this month were seen in professional and business services, manufacturing and healthcare. Job losses were recorded in retail trade.

UNEMPLOYMENT: Breaking from its trend in recent months, the unemployment rate slipped this past month, moving from 3.8 percent in May to 4.0 percent in June.

WAGES: Payrolls edged ahead slightly in June, although average hourly earnings remain at 2.7 percent on an annual basis.

WORK WEEK: There was no change in the average work week in June, remaining at 34.5 hours.

TEMPORARY JOB TRENDS: Growth in the temporary jobs sector reversed course in June, with the addition of 9,300 jobs.

WHAT DOES IT ALL MEAN? With robust job growth above 200,000 in June, low unemployment of 4.0 percent and an influx of 600,000 more people entering the workforce, all signs point to a strong economy. This good news is tempered by the uncertainty of how tariffs and trade wars may impact business in the future. For the near-term, however, hiring remains brisk, with employers continuing to struggle to fill open positions. The tighter the labor pool, the more likely it is that wages will rise, although that has not held true in the recent past.

Sources: U.S. Bureau of Labor Statistics (BLS), Steinberg Employment Research, CNBC, Staffing Industry Analysts, MSNBC, USA Today, The Wall Street Journal, The New York Times

 

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