Travel Unemployment Down in June Jobs Report - Here's What's Next

Travel Unemployment Down in June Jobs Report - Here's What's Next

Travel Unemployment Down in June Jobs Report - Here's What's Next

Economists had expected employment to climb by 179,000 jobs compared to the addition of 138,000 jobs originally reported for the previous month. The White House offered a muted response Friday, with Press Secretary Sean Spicer touting the job gains on Twitter as "great news" for US workers.

The June jobs report showed broad hiring across numerous industries. And the bounce back in June allays any fears of a significant slowdown. Large law firms have been especially affected by job cuts with Andrews Kurth Kenyon starting the pattern of layoffs. Barbera adds the labor market is actually in good shape, but the problem is how long it took to recover from the recession.

The jobs picture got brighter overall Friday after the government's latest jobs report. Employment gains in June easily surpassed the 180,000 estimate of economists polled by MarketWatch. In comparison, payroll employment growth averaged 187,000 a month in 2016 and 226,000 in 2015.

Employment in mining rose by 8,000 in June, with most of the increase coming in support services.

Construction added another 16,000 jobs last month.

Retailers added 8,000 jobs, breaking a series of employment losses caused by a shift in shopping from brick-and-mortar stores to online.

Hot Air's Ed Morrissey, however, explains why we shouldn't pop the champagne quite yet, noting that Republicans have yet to put much of their economic agenda into place.

At some point, all those trends should compel businesses to offer higher pay, economists say. Since the recession in May 2007 when the number of jobs in the legal industry was 1.18 million, the legal sector has experienced ups and downs.

The labor force participation rate, which is the percentage of the population that has a job or actively looked for one in the past month, increased slightly to 62.8 percent in June from 62.7 percent in May.

With unemployment at an uncommonly low 4.3 percent, many employers have complained that they can't find enough qualified workers.

"The report shows a small uptick in the labor force participation rate, a welcome development for the economy", according to Express Employment Professionals CEO Bob Funk.

"Working with President Trump and the Senate, we will deliver bold reforms this year that spur job creation, allow workers to keep more of their hard-earned paychecks, and improve the lives of all Americans for generations to come", he said.

The average workweek for all employees on private nonfarm payrolls were up, 0.1 hour to 34.5 hours in June. That lifted the year-on-year wage increase to 2.5 percent from 2.4 percent in May.

In response to the NFP report, the dollar clawed back some ground on the DXY index, recovering to 96.1 after falling as low as 95.8 yesterday and touching this low again during the early morning hours.

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