U.S. Economy Added 220,000 New Jobs, Beating Wall Street Expectations
The U.S. economy added 220,000 new jobs in June, according to the jobs report released by the Bureau of Labor Statistics Friday.
The labor force participation rate rose incrementally from 62.7 percent to 62.8 percent during President Donald Trump’s fifth full month in office, continuing to trend at its lowest rate since the late 1970s.
The 222,000 jobs figure beat Wall Street expectations of 175,000. The unemployment rate increased slightly from May, ticking up from 4.3 percent to 4.4 percent. The unemployment number last month was the lowest it’s been in a decade. Hourly wages are up a half of a percent from the previous month.
The Federal Reserve voted to raise its benchmark interest rate by a quarter of a point from 1 percent to 1.25 percent in June. The Fed closely watches inflation and the jobs report when deciding whether or not to raise its rates.
Federal Reserve Chair Janet Yellen has said repeatedly the Fed’s actions would respond to the economic situation. June’s rate hike was just the the fourth since the Great Recession.
The unemployment rate, rising wage growth and job gains indicate an economy on the rise, but the sluggish growth in the average hourly earnings (2.5 percent over the year) is still cause for concern.
The president has focused on manufacturing jobs, a sector that has seen steady growth since his election. The business community has been vocal in its readiness to work with the president on infrastructure, tax, and regulatory reform
The new numbers come as the president engages in his second foreign trip as president. Trump is in Germany for the G20 Summit where he met with Russian President Vladimir Putin Friday morning.
Employment in mining rose by 8,000 in June, with most of the increase coming in support services. The food services sector added 29,000 jobs, bringing its year over year increase to 277,000.
Job growth in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing showed little change from the previous month.
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