United States workforce adds 222000 jobs in June, as jobless rate increases

The unemployment rate rose slightly, from 4.3 percent to 4.4 percent, according BLS.

Chief economist for the global information company, IHS, Nariman Behravesh says wage growth will probably pick up over the next year as the economy gains between 150 and 180 thousand jobs a month. Job gains of 222,000 beat economists' forecast for 179,000.

The bigger than expected increase in employment reflected sold job growth in the healthcare and social assistance, leisure and hospitality and professional and business services sectors.

A Labor Department report shows there were 6 million unfilled job openings in the government's most recent reading, the most since it started keeping track in 2000. It remains lower than the unemployment rate for nonveterans, which was 4.3 percent in June.

The unemployment rate for all Americans increased from 4.3 percent in May to 4.4 percent in June. Those people were not in the labor force, wanted and were available for work and had looked for a job sometime during the prior 12 months.

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Wage growth, however, remained muted, with average hourly earnings rising 2.5 percent on an annualized basis, essentially unchanged from the previous month.

The change in total nonfarm payroll employment for April was revised up from +174,000 to +207,000; and the change for May was revised up from +138,000 to +152,000. The automobile sector, on the other hand, lost 1,300 jobs. The Federal Reserve Bank of San Francisco calculated a year ago that 80 percent of those formerly part-time workers who obtained full-time jobs did so at wages below the national median level of pay.

The US economy is estimated to need to produce between 75,000 and 100,000 new jobs a month to keep up with working-age population growth.

"People are out of practice when it comes to asking for higher pay", said Mark Zandi, chief economist at Moody's Analytics.

An alternative measure of unemployment that counts discouraged workers and those holding part-time positions for economic reasons - the underemployed - rose from 8.4 percent to 8.6 percent. The less volatile four-week average rose 750 to 243,000. The jobs rebound also was sure to comfort Federal Reserve policymakers planning to hike benchmark interest rates later this year despite persistently weak inflation. The Fed has signaled its belief that the economy is on firm footing as it enters its ninth year of recovery from the recession, with little risk of a recession.

(Copyright © 2015. All Rights Reserved.)
 
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