U.S. economy adds 224000 jobs in June

Job applicants wait in line at the Seminole Hard Rock Hotel & Casino Hollywood during a job fair in Hollywood Fla. on Thursday.   Wilfredo Lee    

Economists surveyed by Bloomberg expected 160,000 job gains. The May count was revised lower to 72,000.

If we had a Fed that would lower interest rates, we'd be like a rocket ship. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, surged up by 9.5 basis points to 2.048 percent. Most investors have anticipated a rate cut in July and perhaps one or two additional Fed cuts later in the year.

But, President Trump said that the economy would, but "we don't have a Fed that knows what they're doing". After an unexpectedly weak May, the vigorous June rebound delighted President Donald Trump, who is preparing to seek reelection next year.

The Dow dipped on the good news, as traders fear it means the Federal Reserve is now less likely to deliver an interest rate cut.

The new jobs report is in and it looks like the numbers reported by the Bureau of Labor Statistics are blasting through expectations.

Average hourly wages for employees on nonfarm payrolls increased by 6 cents an hour since May and grew 3.1% from the previous year. Wages advanced 3.1% from a year earlier, consistent with the prior month's pace.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, rose to 7.2% in June from 7.1% in May.

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The unemployment rate among White Americans steadied at 3.3% as it did for Hispanic/Latino-Americans at 4.3%.

Meanwhile, with more people coming off the sidelines of the labour market, the labour force participation rate rose a tenth of a point to 62.9 per cent, helping reverse some of the sharp recent declines.

Those not in the labor force fell by 158,000 to 96.1 million. Government payrolls rebounded by 33,000, the most since August 2018, after shedding 11,000 jobs in May.

Hiring picked up across almost all sectors in June, though retail payrolls contracted for a fifth straight month, shedding another 5,800 jobs on top of the 7,300 lost in May. But neither showed signs of actual contraction.

The US economy added 224,000 net new jobs last month, smashing forecasts, according to the Labor Department's closely-watched report.

Trump responded to Friday's jobs report by tweeting, "JOBS, JOBS, JOBS!"

Lack of concrete progress in resolving a bitter trade war between the United States and China was additionally seen forcing the USA central bank's hand, no matter an influential employment report from the Labor Department on Friday. Fed chairman Jerome Powell recently indicated that the central bank may take action after global economic uncertainties and ongoing trade worries with China and Mexico.

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