This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2019/07/05/business/economy/june-jobs-report.html
The article has changed 12 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| U.S. Added 224,000 Jobs in June; Unemployment Rate at 3.7% | U.S. Added 224,000 Jobs in June; Unemployment Rate at 3.7% |
| (32 minutes later) | |
| Employers added 224,000 jobs in June, the Labor Department reported on Friday. Economists had expected a gain of about 170,000. | Employers added 224,000 jobs in June, the Labor Department reported on Friday. Economists had expected a gain of about 170,000. |
| The unemployment rate was 3.7 percent, up from 3.6 percent in May. | The unemployment rate was 3.7 percent, up from 3.6 percent in May. |
| Average earnings rose 6 cents an hour from May, and are up 3.1 percent over the past year. | Average earnings rose 6 cents an hour from May, and are up 3.1 percent over the past year. |
| Estimates of job growth in April and May were revised down slightly, by a combined 11,000 jobs. | |
| The job market rebounded last month after a dismal May, easing fears that the record-setting economic expansion could be running out of steam. | |
| The rebound from May’s disappointing figure was stronger than economists had predicted, suggesting that trade tensions and cooling global growth have done little to sap the job market’s fundamental strength. Unemployment is near a five-decade low, wage growth is solid and employers have added jobs for 105 consecutive months, easily a record. | The rebound from May’s disappointing figure was stronger than economists had predicted, suggesting that trade tensions and cooling global growth have done little to sap the job market’s fundamental strength. Unemployment is near a five-decade low, wage growth is solid and employers have added jobs for 105 consecutive months, easily a record. |
| That resilience is good news for workers, who are benefiting from what is now, at least unofficially, the longest economic expansion on record. But it could complicate the decision facing Federal Reserve policymakers, who are weighing whether to cut interest rates to forestall a downturn, a jolt of stimulus that investors were expecting. | |
| Even with June’s healthy growth, there are signs the job market has cooled since last year. Employers have added an average of 171,000 jobs per month over the past three months, down from 223,000 per month for all of 2018. Wage growth was disappointing in June, and has stalled in recent months. | |
| June marked the 10th anniversary of the official end of the Great Recession. And unless a new recession has begun (something economists often don’t know for several months), the expansion is now the longest on record. | June marked the 10th anniversary of the official end of the Great Recession. And unless a new recession has begun (something economists often don’t know for several months), the expansion is now the longest on record. |
| The recovery has been more remarkable for its durability than for its strength. Hiring has been slower than in many past rebounds, and wage growth has been anemic until recently. Only lately have the gains extended to black and Hispanic workers, the less-educated, and those facing discrimination or other barriers to employment. | The recovery has been more remarkable for its durability than for its strength. Hiring has been slower than in many past rebounds, and wage growth has been anemic until recently. Only lately have the gains extended to black and Hispanic workers, the less-educated, and those facing discrimination or other barriers to employment. |
| The job market picked up last year, at least partly because of tax cuts and government spending increases that provided a short-term boost to economic growth. But those effects are fading. Still, the expansion has repeatedly defied predictions that it was nearing an end. | The job market picked up last year, at least partly because of tax cuts and government spending increases that provided a short-term boost to economic growth. But those effects are fading. Still, the expansion has repeatedly defied predictions that it was nearing an end. |
| “We have seen rapid declines like that in this recovery before,” said Martha Gimbel, an economist at the job-search site Indeed. “I think it’s really hard to figure out. Is this just another rapid decline that’s going to go away, or is this a decline we need to start worrying about?” | “We have seen rapid declines like that in this recovery before,” said Martha Gimbel, an economist at the job-search site Indeed. “I think it’s really hard to figure out. Is this just another rapid decline that’s going to go away, or is this a decline we need to start worrying about?” |
| If the economy does shift down further in the months ahead, one likely culprit will be Mr. Trump’s trade war. | If the economy does shift down further in the months ahead, one likely culprit will be Mr. Trump’s trade war. |
| Hiring has already slowed in manufacturing, a trend that economists and industry executives attribute in large part to uncertainty over tariffs and trade. Data from the Institute for Supply Management this week showed that the industry’s struggles continued in June, although the decline wasn’t as severe as some economists had predicted. | Hiring has already slowed in manufacturing, a trend that economists and industry executives attribute in large part to uncertainty over tariffs and trade. Data from the Institute for Supply Management this week showed that the industry’s struggles continued in June, although the decline wasn’t as severe as some economists had predicted. |
| “Uncertainty remains very high for manufacturers and for companies with global exposure right now,” said Michelle Meyer, chief economist at Bank of America Merrill Lynch. “They’re still producing to meet demand, but they’re not looking to exceed that. They’re being very cautious.” | “Uncertainty remains very high for manufacturers and for companies with global exposure right now,” said Michelle Meyer, chief economist at Bank of America Merrill Lynch. “They’re still producing to meet demand, but they’re not looking to exceed that. They’re being very cautious.” |