The U.S. economy added 213,000 jobs in June following an upwardly revised 244,000 jobs in May. Indeed, there is solid momentum in the economy as 2018 passes the halfway mark. Already this year, the U.S. has added 1.29 million jobs, well ahead of the 1.1 million jobs added in the first half of 2017.
The gains were led by education and health services (54,000 jobs), professional business services (50,000 jobs) and manufacturing which added a noteworthy 36,000 jobs in June. Since June of last year, the U.S. has added 2.37 million jobs for a growth rate of 1.6%, above the 2017 growth rate.
The unemployment rate rose to 4.0% from 3.9% last quarter as the number of people entering the labor force soared by 601,000 in the month. Of these, only 102,000 gained employment. While this suggests that the labor force participation rate is climbing, it was 62.9% in June, lower than 66.0% as seen in 2006 - 2007. A better measure – employment to population – remained stuck at 60.4%, unchanged from May and still below the peak of 63.4% in 2007.
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