Finance

US Unemployment Down, But Job Growth Stagnates

US Unemployment Down, But Job Growth Stagnates”

In last month's report, job creation was seen bouncing back in April, but while the initial report said the economy had added 211,000 jobs to nonfarm payrolls, that figure was revised to 174,000 Friday, a drop of 37,000. The economy created 66,000 fewer jobs than previously reported in March and April.

In fact, the unemployment rate is also speculated to remain unchanged at a 10-year low of 4.4 per cent as it has dropped four-tenths of a percentage point this year.

Healthcare job growth in May is below the industry's average monthly job growth so far in 2017, according to the BLS.

Employers added a weaker-than-expected 138,000 jobs in May, undershooting forecasts of around 180,000. This implies that there is still room for improvement in the job market.

The continuing low unemployment rate - more than a year without breaking the 5 percent mark - will only sharpen the debate over how close the labor market is to capacity. Retailers and manufacturers shed jobs and leisure and hospitality, a category that includes restaurants, increase at a slower rate.

Construction added 11,000 jobs while mining added 7,000.

"After more than 130 days in office, President Trump has yet to show us he is serious about creating jobs and raising wages across the country", said Sen. That rate has fallen even more sharply than the unemployment rate over the past year.

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"What people have to ask themselves is what matters more to the Fed at this point, what happens from a job gains perspective and what happens from a resource utilization measure perspective".

Average hourly earnings have risen a middling 2.5% over the previous year. The rate declined mainly for a less-than-encouraging reason, in that people stopped looking for work in May, and were no longer counted as unemployed.

While there can be significant variation, the ADP is generally viewed as predicting the path of the jobs report, and its strong showing caused some economists to revise upward their estimates for Friday's report.

Mr Trump has made protecting American jobs a centrepiece of his presidency.

This wobble might not be serious enough to stop the Fed hiking interest rates this month, but the United States economy certainly doesn't appear as strong as record-high stock markets and other indicators would lead you to believe.

A solid overall report will nearly certainly clear the way for the Federal Reserve to raise rates again in June. Job gains have averaged 121,000 over the past three months, compared with an average of 181,000 over the past 12 months. The underemployment read, the U-6, did fall to a historically low 8.4%, which is one of the few good numbers to hit the tape from this report this morning. "That's always ugly", Dan North, chief economist at Euler Hermes North America, said of the decline.



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