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US jobs growth stronger than expected US jobs growth stronger than expected
(about 1 hour later)
US employers added a higher-than-expected 213,000 jobs last month, extending the US economy's long-running growth streak.US employers added a higher-than-expected 213,000 jobs last month, extending the US economy's long-running growth streak.
The manufacturing sector helped power the gains, adding 36,000 jobs, but the retail sector shed 22,000 positions.The manufacturing sector helped power the gains, adding 36,000 jobs, but the retail sector shed 22,000 positions.
The unemployment rate ticked up to 4% from 3.8%, as the strong labour market encouraged more people to look for work.The unemployment rate ticked up to 4% from 3.8%, as the strong labour market encouraged more people to look for work.
However, the annual increase in average hourly earnings was unchanged at 2.7%.However, the annual increase in average hourly earnings was unchanged at 2.7%.
The job growth shows the labour market shrugging off worries about a slowdown triggered by trade fights or rising borrowing costs. The US has added jobs every month for more than seven years, but analysts have warned that deepening trade disputes could threaten growth, while rising borrowing costs might dampen economic activity.
The monthly Labor Department report also revised up figures for April and May, reporting that 37,000 more jobs were created in these months than previously estimated. On Friday, the US and China each imposed new tariffs on $34bn worth of the other country's goods.
So far, the labour market appears to be shrugging off concerns about those measures.
In addition to the 213,000 jobs added in June, the Labor Department said there were 37,000 more jobs created in April and May than previously estimated.
Over the past three months, US has added an average of 211,000 jobs per month - well above the gains needed to accommodate population growth and almost 20,000 more than the average last year during the same period.
'Painfully slow'
The relatively modest wage growth has puzzled analysts, who say firms should be willing to pay more as the economy heats up and competition for workers increases.
As of April, there were about 6.7 million job openings in the US - more than the number of people who do not have a job but are looking for work.
"This is a painfully slow acceleration," wrote Ian Shepherdson of Pantheon Macroeconomics.