- More jobs were created in June 2018 than economists expected.
- Unemployment has started to go back up after hitting as low as 3.8 percent in May 2018.
Flowers weren’t the only thing blooming in June — the robust U.S. economy was also growing as 213,000 jobs were created last month, according to Friday’s U.S. Bureau of Labor Statistics report on the status of the economy. The jobs number exceeded economists’ expectations as the total number of jobs added has grown by 2.4 million over the last 12 months.
However, the unemployment rate still rose to 4 percent from May’s drop to 3.8 percent, and the number of unemployed persons increased by 499,000 to 6.6 million. So even though there are more jobs available, there are more people not employed as of June.
But it’s good to keep in mind that a slightly higher unemployment rate isn’t always a bad thing.
Strong drivers of jobs occurred in professional and business services, manufacturing and healthcare; on the other side, retail jobs declined.
Employment in professional and business services increased by 50,000 in June and has risen by 521,000 over the year.
Despite President Trump’s current tariff situation that could result in some big changes in the economy, manufacturing — including motor vehicles, computer and electronics, and fabricated metals — added 36,000 jobs in June. Over the last 12 months, manufacturing has added 285,000 jobs.
One sector that perennially tops the lists of positive job outlooks is healthcare, partly due to the advancing age of the U.S. population. In June, employment in healthcare rose by 25,000 and has increased by 309,000 over the year.
It’s not all positive news, though — retailers cut 22,000 of the 25,000 jobs created in May, as the industry continues on shaky footing in the shift from brick-and-mortar stores to e-commerce. The wage number reports were received with disappointment as well. In June, average hourly earnings for all private non-farm workers rose by just 5 cents to $26.98.
If you’re working an hourly job, see where you can realistically live on minimum wage or more.
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