Labor Department to release employment data for June

Chris Wattie  Reuters                    Bank of Canada Governor Stephen Poloz takes part in a news conference in Ottawa

The steadfast hiring could benefit President Donald Trump. Yet job growth has slowed from its peak in 2016. 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.

Total employment increased by 222,000 in June, the Bureau of Labor Statistics reported on Friday. The dollar initially weakened to 113.54 yen following the jobs report from 113.74 yen minutes before the data's release, as investors focused mostly on the inflation implications of the average earnings growth.

So far, 2017 is on track to produce the fewest net new jobs in seven years.

Weekly applications rose by 4,000 to a seasonally adjusted 248,000, the Labor Department said Thursday. Economists had expected the unemployment rate to hold steady.

Economists have described job growth this year as solid.

Still, many business owners are seeing greater confidence among their customers.

Mark Zandi, chief economist at Moody's Analytics, which helps compile the ADP report, said that a shortage of workers will likely worsen as the baby boom generation continues to retire.

Millions of those Americans have gained full-time jobs in the past eight years, but in many cases at much lower pay. It would be the first time since 2010 the figure was below 2 million.

White-collar businesses also created 35,000 new jobs in what's been another area of strong employment growth.

Todd Korol  Reuters                    Alberta has been hit hard by falling gas prices
Todd Korol Reuters Alberta has been hit hard by falling gas prices

"I think this report was within [the Fed's] realm of expectations", said Dominic Pappalardo, director of the taxable portfolio management team at McDonnell Investment Management.

"We've added $3.3 trillion in stock market value to our economy, and more than a million private sector jobs", he said during a White House speech announcing the USA was withdrawing from the Paris climate change accord.

At full employment, businesses have an extremely hard time finding available, qualified workers to fill job openings.

The report echoes other figures that show hiring has slowed over the spring, with job gains averaging just 121,000 from March through May, according to government data.

With unemployment at an uncommonly low 4.3 percent, many employers have complained that they can't find enough qualified workers. Trump tweeted on July 3. "A tight labor market will lead to greater wage growth".

But the decline in May was largely for the wrong reason - about 429,000 people dropped out of the labor force.

Economists surveyed by Reuters had been expecting nonfarm payrolls growth of 179,000 and the unemployment rate to be 4.3 percent.

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.




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