The legal services employment numbers come amid a generally positive jobs report for the US economy as a whole, which gained 213,000 jobs in June and reportedly outperformed economists’ expectations.
Mining added another 5,000 jobs in June, according to data released July 6 from the U.S. Bureau of Labor Statistics. But in Friday’s revised figures, BLS reports that the legal services industry actually gained 300 jobs in May, compared with April. Obama’s so-called healthcare “reform” likewise represented an effort to shift the burden of rising healthcare costs from employers onto the working class. Some recent reports have suggested that businesses can’t find qualified workers at the wages they’re offering – but this report “did not have any evidence to back up those claims”, said Elise Gould, a senior economist with the Economic Policy Institute.
The rise in the jobless rate may ease any pressure on the Fed to raise interest rates at a faster pace.
The report showed strength in the economy before a trade war started between the United States and China, which analysts warned could slow hiring, especially in the manufacturing sector.
A worker cuts a piece from a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018.
Exports declined mostly because of weaker trade on motor vehicles and parts as well as metal ores and non-metallic minerals. The category, which includes computer systems designers, engineers, consultants and administrative staff, added 50,000 jobs during a robust month of hiring. Some 600,000 people entered the labor force in June, the Labor Department said.
Despite a relatively tight labor market, wage growth remains stuck in the 2 percent range, with the annual gain of 2.7 percent unchanged from May.
“This is a good job-creation number, but on the other hand we see still continued soft wage growth”, said Michael Feroli, chief USA economist at JPMorgan Chase.
Wage growth is barely keeping ahead of inflation, which is firming up as the economy strengthens.
The job gains in the establishment survey were broadly based. Prices for U.S. Treasuries rose. Wall Street welcomed the employment gains, sending the Standard & Poor’s 500 up 0.9 percent on Friday.
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. Automakers added 12,000 jobs in June.
The central bank raised the benchmark lending rate last month, and is expect to hike twice more this year.
It would also be important to watch secondary indicators of employment that are not as impressive as the headline unemployment rate, such as the share of people who are working part-time but would prefer full-time jobs. The manufacturing sector buzzed with activity last month, and spending on construction rose.
President Donald Trump has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what he says is unfair competition from foreign manufacturers. “Unequivocally, this is a nightmare situation”. Construction added 13,000 jobs, while retail lost 22,000 – nearly all the jobs it had gained the month before.
Whether the unemployment rate jumped by 0.2 of a percentage point or 0.3, both were good signs for the economy. Huh? That’s an increase in total employment of a quarter of a million jobs. There were increases in professional and business services employment as well as leisure and hospitality. Restaurants added 16,400 jobs in June, under the average of 18,400 over the year. This article is strictly for informational purposes only.