June Jobs Report: 224,000 Jobs Added, Unemployment At 3.7 Percent

by Mary Margaret Olohan

 

The U.S. economy added 224,000 jobs in June, while the unemployment rate slightly increased to 3.7 percent, according to Department of Labor data released Friday.

224,000 jobs were added in June, according to the Bureau of Labor Statistics report, about double the number economists predicted. The number of adults working or looking for work remained steady at 6 million, according to the Labor Department. The Labor Department reports that employment growth has averaged 172,000 per month thus far this year, compared to 223,000 a month in 2018.

Economists predicted the economy would add 165,000 jobs and the unemployment rate would remain at about 3.6 percent, according to The Wall Street Journal.

The June figures come on the heels of May’s job report that revealed unemployment steadily showing the lowest numbers in 50 years. The U.S. economy added 75,000 jobs in May, while the unemployment rate remained at 3.6 percent. Economists had predicted 180,000 jobs would be added and that wage growth would rise to about 3.2 percent.

Job growth has come back strong after February when just 33,000 jobs were added.

The unemployment rate has held steady between 4 percent and 3.7 percent for more than a year before the April jobs report showed it drop to 3.6 percent. Prior to April’s report, the consistent unemployment rate suggested that workers are jumping back into the workforce to fill open jobs, rather than the workers who are currently collecting unemployment welfare, according to WSJ.

“The strong June jobs numbers start the summer off on a strong footing for the American worker, and a big disappointment for the markets that are hoping for substantial interest rate cuts from the Fed,” Robert Frick, corporate economist at Navy Federal Credit Union told the Daily Caller News Foundation.

“The 224,000 jobs added were broad-based, with good gains in everything from manufacturing to construction to business services.”

Frick added that workers might be concerned over wages not rising more quickly.

“That wages are not higher at this stage in the expansion points to either more slack in the workforce than thought – a theory supported by the number of workers that joined the ranks of those looking for work last month – or some other factors such as technology or globalization,” Frick said.

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Mary Margaret Olohan is a reporter for the Daily Caller News Foundation.

 

 

 

 


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One Thought to “June Jobs Report: 224,000 Jobs Added, Unemployment At 3.7 Percent”

  1. kushal kumar

    The much awaited jobs data report for month of June , 2019 was made public on 5 July , 2019. One spectacular aspect of the report is that the US economy has added 224000 jobs as against 165000 expected by the market. Some of economy analysts are of the view that overall , the jobs report has allayed fears that the labor market was weakening significantly. On the other hand , not many said that the unemployment rose , wage growth flattening out , there is still residual slack in the job market. They think that July cuts are more likely than not. Having said that , one thing is very clear in the report for June 2019. While some pressure seems to be there , the US economy has not slowed some were talking about. And this is when the US is in trade war with major players and further when , most of global economies look to be either slowing or struggling. In this context , it is apt to refer readers to this Vedic astrology writer’s related predictive alert of last year 2018 on 1 October , in article – “ Astrological probable alerts for the US in 2019” – published on 1 November , 2018 in monthly Webzine of Wisdom Magazine at wisdom-magazine.com/Article.aspx/4897/. The related text in the article referred to reads like this :-
    “ 4. ECONOMY IN 2019. Focus on economic health of the nation is highlighted , which will be followed by robust success. Wise trading economic strategies are likely to play a big role , yielding dividends. But some compulsive expenses or constraints involving heavy amount could cause some depletion of resources. Much depends upon correctness of strategies evolved and applied during the course of the year. Months of April and November –December look to be doing very well , while in other months , some amount of pressure cannot be ruled out. January – February and July look to be posing some worrisome concerns”.
    Note :- More from this writer — wisdom-magazine.com/Article.aspx/5060/. Separately and in addition , this writer has alerted already on 22 June , 2019 that more care and appropriate strategy may be called for during a period of fortnight from 25 September to 9 October , particularly on 28 -29 September , in the present year 2019 against likely War or WW3 -like scenario , massive earthquakes , storms-tornadoes-cyclones , floods, landslide , road-rail-air safety concerns , economic and financial major worrisome concerns , health woes related to stomach-head-brain-eyes , human malice at its height in operation , political turmoil or political powers facing turmoil , and the like. Vulnerability of a country or region appears to be main determining factor. Having said that , it may be made clear that human more care and appropriate strategy has weight over planetary trend generating impacts.

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