US job growth surged in June

Spencer Ogden our consultant managing the role
Date posted10/Jul/2017
Spencer Ogden our consultant managing the role

The U.S. labour market rebounded in June, new government data showed Friday, as employers surpassed the expectations of most economists by adding 222,000 jobs.

 

The unemployment rate ticked up to 4.4 percent, from 4.3 percent in May, but it did so for a good reason — more people joined the labor force to look for work. The Labour Department also revised its estimates for job gains in April and May, raising the combined figure by 47,000 jobs.

 

June's job growth was among the strongest seen since President Trump took office in January with promises to boost economic growth and bring back jobsthat had moved offshore. However, economists say that Trump has probably not been in office long enough to have had much of an influence on the economy and that current job gains are the product of much longer-term trends.

 

The overall economic momentum received a push from February’s unusually warm weather, with almost a quarter of the jobs — about 58,000 — coming from construction. Manufacturing and mining rose too.

 

"Strong jobs growth should eventually translate into higher wages, but it is taking time to do so. The [Federal Reserve] remains confident it will come, suggesting gradual hikes will continue,” said James Knightley, economist at ING.

 
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