213,000 Jobs Created in June 2018 … Unempoyment up to 4% Because 601,000 Americans Reenter the Workforce!!!
ANOTHER BETTER THAN EXPECTED JOBS REPORT …
The June 2018 jobs report was released this morning, 213,000 jobs were created in June, well above the expected gain of 195,000. The unemployment rate ticked up .2% from 3.8% to 4.0%; however, that is because the labor force grew by 601,000.
The unemployment rate moved higher, off an 18-year low, to 4% from May’s 3.8%. Economists say the slight move higher is a positive as it reflects more workers entering the workforce after sitting on the sidelines, drawn by the plethora of jobs. In June, 601,000 Americans entered the labor force, and not all found jobs.
Nonfarm payrolls rose 213,000 in June and the unemployment rate was 4 percent, according to a government report Friday.
Economists surveyed by Reuters had expected a gain of 195,000 and the jobless rate to hold steady at 3.8 percent, which had been tied for the lowest since 1969.
In addition to the payroll gains, average hourly earnings rose 2.7 percent year over year, a bit below expectations of a 2.8 percent increase.
Despite increasing talk about the economy being near full employment, hiring continues to grow. Along with June’s upside surprise, the Bureau of Labor Statistics revised April’s count up from 159,000 to 175,000 and May’s from 223,000 to 244,000, a total of 37,000 more than initially stated.