US Job Market added 213,000 Jobs in June 2018

The US Job Market added 213,000 jobs in June 2018 as the economy continued to witness strong growth of employment. This was notwithstanding the mounting tensions in US trade and a shortage of workers.

The rate of unemployment rose to 4% from an 18 year low of 3.8%. This is calculated from a separate survey. The increase was because of 600,000 workers in the US entered into a favorable labor market. These statistics have been revealed by the US Department of Labor.

Monthly addition of jobs to the US Job Market has been on the average of 200,000 in this year. The tight labor market tends to enhance recruitment as firms aggressively target graduates and students. This is according to the analysis of labor market by Goldman Sachs, as quoted by the USA Today.

The average earnings per hour enhanced to 26.98$ increasing by 5 cents. This kept the yearly average unaltered at 2.7%. It is expected by the economists in the US that yearly gains will reach 3% by the end of 2018.

The addition of jobs was broad-based as the private sector gained 202,000 jobs. The State, Local, and Federal governments added 11,000 jobs.

The top US sectors that led to the growth of jobs were Healthcare and Education that added 54,000 jobs. Business and Professional services gained 50,000 jobs. 36,000 jobs were added by the Manufacturers notwithstanding the trade concerns. The Construction sector gained 13,000 jobs.

Meanwhile, the Retail sector lost 22,000 jobs. This industry is grappling with a transition to online shopping form physical stores. Nevertheless, healthy growth of jobs will lower the rate of unemployment for the rest of 2018 according to the Economists.

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