Economy

Number of Employed Americans Reaches Record High Under Trump

Number of Employed Americans Reaches Record High Under Trump”

USA hiring topped forecasts in June while unemployment rose from an 18-year low and wage gains unexpectedly slowed, indicating the labor market has room to keep expanding. If, though, the unemployment rate reached 3.7 percent or less in June, it would mark its lowest level since December 1969, when it was 3.5 percent.

One reason that some employers may not be feeling pressure to raise wages is that more people are beginning to look for work, thereby keeping up the pool of job applicants: 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. Moreover, some of the other internals, including a rising unemployment rate for African-Americans, highlighted the challenges to more inclusive growth.

"As the labor market tightens we should see more businesses raisings wages, offering training, and hiring workers from all corners of the labor market", she added. "But enjoy the good news in the June report", Holtz-Eakin said.

Although the report for June was far from uniformly strong, it will reinforce the perception that the US will continue to outpace other countries and should be able to navigate trade policy uncertainties as long as they don't lead to a full-blown global trade war.

But in fact more people entering the workforce is a sign of optimism that jobs are available in an economy now entering its 10th year of expansion.

Altogether, 285,000 new jobs have been added in the manufacturing sector in the past year.

What about tariffs? On Friday, the USA formally imposed an additional $34 million in tariffs on China.

For Catherine Barrera, who works as the Chief Economist for online job site ZipRecruiter, reportedly said the labor force numbers quelled her concern about the unemployment figure.

Despite a relatively tight labour market, wage growth remains stuck in the 2 per cent range, with the annual gain of 2.7 per cent unchanged from May.

While manufacturers opened 36,000 new jobs last month and the education and health sectors contributed 54,000 more, retailers shed 21,600 jobs mainly at general merchandise stores.

Construction payrolls rose by 13,000 last month after increasing by 29,000 jobs in May. Fed officials last month boosted the number of interest-rate hikes they expect in 2018 to four from three.

Even more surprising is this: If you do the math, the jobless rate actually rose by 0.3 of a percentage point - from 3.75 percent in May to 4.05 percent in June.

Job openings are at record highs, meaning numerous job seekers are likely to find employment soon. An acceleration of this rate would show that employers are indeed paying up for the skilled workers who they say are in decreasing supply.



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