Economy adds 222000 jobs in June

Screen Shot 2017 07 05

US employers added a seasonally adjusted 1.1 million jobs during the first six months of 2017, the Labor Department said Friday.

The unemployment rate inched up one-tenth of a point to 4.4 percent, as employers added 222,000 jobs in June, the U.S. Bureau of Labor Statistics reported Friday, although accounting and bookkeeping services lost 300 jobs on a seasonally adjusted basis.

Over the last couple years, the labor-force participation rate has mostly held steady, possibly indicating a tightening labor market as people who were previously discouraged from looking for work move back into the labor market.

The unemployment rate ticked up to 4.4 percent. Large businesses (500 employees or more) added 50,000 jobs in June, whereas small businesses with fewer than 50 employees-the biggest job gainers in previous ADP reports-added only 17,000.

"It's a good report for the economy", he said. Overall, this morning's report shows a recovery continuing to chug along, but with wage growth below target levels, it is abundantly clear that we have a ways to go before we reach genuine full employment-where workers see better wage growth and workers who have been sitting on the sidelines see better job opportunities.

The report also showed that industrial production slipped 0.1% in May, compared to expectations for a 0.4% rise. The unemployment rate inched higher to 4.4% from 4.3%, although more people were actively looking for work during the month.

Employment in food services and drinking places also continued on an upward trend in June (+29,000). The private sector can do the rest simply by making rational choices about where it puts the newly freed-up capital. The biggest victor was in health care and social assistance (59,100 jobs), followed by temporary help services (45,000).

"After last month's surge in jobs activity, small business owners seem to be in a holding pattern while they wait to see what Congress will do with taxes and health care", said National Federation of Independent Business president and CEO Juanita Duggan. The unemployment number last month was the lowest it's been in a decade.

For the third straight month, the number of legal jobs has increased. And auto sales are slowing from last year's record pace, causing some automakers to cut jobs. This includes what the overall rate of unemployment is (lower unemployment can feed through into wage inflation), which sectors are doing the hiring (which can have implications for sector-based trades), and what the average hourly earnings look like.

Employment Screening Resources® (ESR) - a global background check firm - can help employers in any industry fill jobs with background checks. "But it doesn't allow for robust employment growth because that's an up that's swinging against the down".

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