Now hiring signs are everywhere these days.
Government statistics released today show the US economy added 220,000 jobs last month, which could be encouraging for new college graduates seeking work. Though the rate of job growth has slowed since 2014 and 2015, it's still enough to draw in people who had previously stopped looking for work. This is despite the fact that new data suggests that the U.S. labor market could be cooling a little; but the slight increase in claims is still lower than the historic total jobless claims. The unemployment rate inched higher to 4.4% from 4.3%, although more people were actively looking for work during the month. The construction sector added 16,000 jobs, and the unemployment rate increased from 4.3% to 4.4%. The average work week edged higher, rising 0.1 hours to 34.5. Employment gains in June easily surpassed the 180,000 estimate of economists polled by MarketWatch.
A larger number of jobs than expected were created in the American economy in June, according to the latest official data.
In a written statement, Labor Secretary Alexander Acosta called the job creation numbers "robust". They worry low unemployment could trigger a surge in worker play that re-ignites inflation. The Fed has signaled its belief that the economy is on firm footing as it enters its ninth year of recovery from the recession.
The average hourly wage rose by 2.5 percent. This was also slightly higher than expectations, though it is still below the 2 million for the previous 11 consecutive weeks.
Wage growth has been one of the key missing ingredients through much of the recent economic expansion.
"Wages are accelerating in some industries, just not enough industries", wrote Steven Blitz, chief US economist at TS Lombard, in a note to clients. The Fed closely watches inflation and the jobs report when deciding whether or not to raise its rates.
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The biggest June gains were posted in the health care industry, with 59,100 new hires. Doctor offices and hospitals have been adding employees for years to care for an aging population and to handle changes brought about by the Obamacare.
The sector has purged jobs for three straight months.
Employment in manufacturing was basically flat, however.
Economists have described job growth this year as solid.
Mark Zandi, chief economist at Moody's Analytics, which helps compile the ADP report, said that a shortage of workers will likely worsen as the baby boom generation continues to retire. April's gain was increased to 207,000 from 174,000.
In the first half of 2017, healthcare added an average of 24,000 jobs per month, so June's additions beat the average.