USA non-farm payrolls increased by rose by 213,000 jobs last month, the Labor Department said today. It had declined for three months in a row. Quite the opposite. Sometimes, higher unemployment is actually a good sign. The EPOP for prime-age workers (ages 25 to 54) edged up to 79.3 percent, tying the high for the recovery reached in February.
One area that remains sluggish is wage growth, which grew 2.7% when compared with the same period previous year.
But average, hourly earnings increased in both May and June, according to BLS numbers.
The job gains in the establishment survey were broadly based. That followed an increase of 5,000 jobs in May.
Job growth this year has been faster than in 2017.
Health care added 25,200 jobs, nearly exactly in line with its average over the past year. As shown in the chart below, the increase in long-term unemployed and the MoM change in the number of workers moving from outside the labor force to unemployment match nearly perfectly in June. This may be due to erratic seasonal factors. Automakers added 12,000 jobs in June. The government sector added 11,000 jobs, mostly due to an increase of 13,000 jobs in local government. The Wall Street Journal credited new manufacturing with the positive news.
In early morning trading, the dollar fell 0.2 percent versus the yen to 110.49, while the euro rose 0.6 percent to $1.1760. Nonetheless the EPOP for men is still 0.9 percentage points above its year-ago level, compared with 0.7 percentage points for women.
However, the labour participation rate suggests the city had the lowest rate of labour participation or people who are employed, in the country.
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The ranks of unemployed people seeking jobs jumped by 499,000 in June, which caused the unemployment rate to rise from its previous 18 year-low.
The dollar extended losses against the euro and the yen after the employment report.
Oregon's jobless rate remained near an all-time low, 4.1 percent, in May.
The way Washington calculates the unemployment rate is a little odd, to say the least. It is now unchanged for the past year, half a percentage point above its prerecession level.
The monthly labour force report was released Friday and showed 2,300 full-time jobs were lost last month.
The US economy needs to create roughly 120,000 jobs per month to keep up with growth in the working-age population.
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