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June Jobs Report: 213,000 Jobs Added, Unemployment At 4 Percent
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The Department of Labor reported on Friday that 213,000 jobs were added in June, and unemployment climbed to 4 percent.
The June jobs numbers continued to increase but dropped some from May’s increase, when 244,000 jobs added. June is the 93rd straight month payrolls have increased, the longest streak on record.
“The trends are strong,” High Frequency Economics chief economist Jim O’Sullivan told The New York Times.
The June jobs numbers outpaced experts predictions as far as the estimated payroll increase. The unemployment rate has backtracked, rising 0.2 percent after it had dropped to 3.8 percent in May. June’s increase comes after an unexpected and relatively sudden drop in the unemployment rate throughout May and April.
The unemployment hit the lowest level in nearly two decades in May. The drop surprised economists and came after April’s unemployment level had dropped to 3.9 percent after several months of holding steady at 4.1 percent.
The relatively quick tightening of the labor market should have pushed the average wage up, experts predicted. The wage rate remained somewhat stagnant through May, however, and experts expected wages to rise as the competitive labor market placed more and more pressure on employers to fight to attract and retain workers. June’s unemployment rate increase will relieve pressure on employers and take off some of the upward pressure from wage growth.
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