United States economy rebounds, adding 222000 jobs in June

United States economy rebounds, adding 222000 jobs in June

The survey asks people whether they expect their income to increase within six months.

The U.S. economy added 220,000 new jobs in June, according to the jobs report released by the Bureau of Labor Statistics Friday.

The unemployment rate rose slightly to 4.4 percent from 4.3 percent-a 16-year low hit in May.

Employment in financial activities rose by 17,000 in June and has grown by 169,000 over the year. And the proportion of Americans who expected a raise didn't reach pre- recession levels until late past year. The unemployment rate ticked up but remained low at 4.4 percent.

June's employment gains exceeded the 186,000 monthly average for 2016, reinforcing views that the economy regained speed in the second quarter after a sluggish performance at the start of the year. US automakers slashed another 1,300 jobs in June as slowing sales and bloated inventories forced production cuts. "Businesses are having a hard time finding workers". So to offset the cost of leaving wages untouched, many employers have withheld raises as the economy has improved.

Optimism remains that the tightening labor market is set to spur on faster growth in wages amidst growing evidence that companies are struggling to find enough qualified workers. This is up 2.5 per cent from last year, putting the trend on a slower rate than what a healthy economy would be showing of 3.5 per cent increase each year. The U.S. added 207,000 jobs in April, an upward revision of 33,000.

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The Prime Minister further said, " GST would unify the country's economy". However, the Congress and the Left parties have chose to skip the launch.

"We won't see sustained employment growth in the retail sector", said Cathy Barrera, chief economic advisor at ZipRecruiter, a job-hunting site.

The unemployment rate is just one measure for evaluating how the labor market is doing.

Professional and business services had by far the best month of any employment sector, according to ADP.

But while the administration has moved quickly to dismantle regulations, legislative efforts that would alter taxes and spending have proved far more hard, as divisions within Congressional Republicans have bogged down healthcare reform.

With the new gains, an average of 194,000 jobs have been gained in each of the past three months. Factory payrolls rose by 1,000. But employment in the automobile sector probably declined further as slowing sales and bloated inventories force manufacturers to cut back on production.

The Dow Jones Industrial Average .DJI fell 158.13 points, or 0.74 percent, to 21,320.04, the S&P 500 .SPX lost 22.79 points, or 0.94 percent, to 2,409.75 and the Nasdaq Composite .IXIC dropped 61.39 points, or 1 percent, to 6,089.46. Others, like General Motors are embarking on extended summer assembly plant shutdowns, which will temporarily leave workers unemployed. 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.