Hispanic Unemployment Rate Sinks to All-Time Low in June


It needs to create about 120,000 jobs per month to keep up with growth in the working-age population.

"Despite ongoing concerns about being on the brink of a trade war, today's jobs report shows the continued strength of the economic recovery in the US", said Tony Bedikian, head of global markets at Citizens Bank.

As more Americans entered the labor force but not all found jobs, USA unemployment rate in June rose slightly from 3.8 percent in May, the lowest level since April 2000.

As unemployment rose, the closely watched labor force participation rate also edged higher to 62.9 per cent, while the number of people counted as unemployed rose to 6.6 million people, up almost a half million. It had declined for three straight months.

For the month of June, wages increased at a relatively solid annual rate of 2.7 percent. Pay increases remain the missing part. This means that workers' wages will likely fall behind the rate of inflation, which in May reached 2.8 percent.

Donald said key indicators from the labour force data included the higher participation rate and still-strong wage gains.

"Contacts expressed concern about the possible adverse effects of tariffs and other proposed trade restrictions", the Fed said in minutes published Thursday.

In addition, the data should encourage the Federal Reserve to hike interest rates at least once more this year (with the balance of risks tilting toward two hikes).

The percentage of unemployment attributable to voluntary quits fell to 12.4 percent, more than reversing a big jump reported in May.

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A worker cuts a piece from a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018. USA stock index futures were little changed.

The growing optimism that people can find work suggested that the 9-year old US economic expansion - the second-longest on record - has the momentum to keep chugging along.

Signs of strength have helped bolster hiring despite the difficulty many employers say they're having in finding enough qualified workers to fill jobs. The department does not count people in the unemployment total unless they are actively seeking work.

Gross domestic product estimates for the April-June period are above a 4 percent annualized rate, double the 2.0 percent pace logged in the first quarter. As such, job creation was well ahead of the 195,000 consensus forecast, so the report really underlines the strength of the United States economy right now.

Major trade partners, including China, Canada, Mexico and the European Union, have retaliated with their own tariffs.

What about tariffs? On Friday, the US formally imposed an additional $34 million in tariffs on China. The category, which includes computer systems designers, engineers, consultants and administrative staff, added 50,000 jobs during a robust month of hiring. More specifically, hiring in the manufacturing sector - which should be the most sensitive to retaliatory trade sanctions - is running at the fastest pace since 1998.

Yet the monthly figures landed the same day as President Donald Trump intensified a global trade war with U.S. levies on US$34 billion (RM137.36 billion) of Chinese goods, spurring retaliatory tariffs.

Nonetheless, the U.S. jobs market is incredibly hot right now with yesterday's NFIB jobs survey suggesting that in the small business sector, the proportion of firms looking to hire workers has been higher on only three occasions in the past 45 years. There were gains in professional and business services employment as well as leisure and hospitality.

Nonfarm payrolls probably increased by 195,000 jobs last month, adding to the 223,000 positions generated in May, according to a Reuters survey of economists.