RECORD SMASHED: Hispanic Unemployment Falls to LOWEST LEVEL in US HISTORY

Daniel Fowler
July 7, 2018

Nonfarm payrolls rose by 213,000 jobs last month, the Labor Department said on Friday.

June also saw more people joining the workforce, meaning more people either had a job or started looking for jobs.

The annual increase in average hourly earnings remained unchanged at 2.7%. The U.S. central bank increased interest rates last month for the second time this year and has projected two more rate hikes by year end.

The percentage of unemployment attributable to voluntary quits fell to 12.4 percent, more than reversing a big jump reported in May.

In a note to clients ahead of the report, Spencer Hill, an economist at Goldman Sachs, said he expected the unemployment rate will fall to 3.7% after being rounded down, a level that would send the headline unemployment rate to its lowest level since 1969.

The growing optimism that people can find work suggested that the 9-year old US economic expansion - the second-longest on record - has the momentum to keep chugging along.

Videos show rescue teams navigating narrow passageways to save Thai soccer team
We will complete this mission, just as Saman intended", they vowed, signing off with a battle cheer adopted from the U.S. After an exhaustive 10-day search, the boys and their coach were located about 2.5 miles from the mouth of the cave.

Payroll growth in May was revised up to 244,000 from 223,000 in yesterday's report.

But the Trump administration's "America First" trade policy, which has tipped the United States into a trade war with China poses a risk to the labour market and economy.

President Donald Trump and Republicans are running on a growing economy going into the 2018 midterm elections, especially since Trump signed the Republican tax reform plan into law at the end of 2017.

By industry, June was another strong month for the manufacturing sector, which added 36,000 jobs during the month after adding about half that number in May.

What about tariffs? On Friday, the US formally imposed an additional $34 million in tariffs on China.

The decline in the unemployment rate was driven by an increase in employment; the region added slightly over 10,000 jobs between May and June, according to the federal statistics agency. The manufacturing sector buzzed with activity last month, and spending on construction rose.

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