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U.S. adds 222000 jobs in June, keeping Fed on course
08 July 2017, 12:29 | Ignacio Smith
Average hourly earnings for all employees rose by 4 cents to $26.25. Average hourly earnings increased four cents, or 0.2 percent, in June after gaining 0.1 percent in May.
Significant job gains occurred in health care (37,000 jobs), professional and business services (35,000 jobs), food services (29,000 jobs) and social assistance (23,000 jobs).
In June, 1.6 million persons were marginally attached to the labor force, down by 197,000 from a year earlier.
Economists responding to a Bloomberg survey predicted that the economy would add 170,000 jobs in June and ADP's monthly forecast projected only 158,000 new jobs. The participation rate ticked up as job seekers came back into the market. Maybe there is some seasonal adjustment issues at play affecting summer student hirings, because kids aged 16 to 19 saw a jobs surge of 203,000 last month.
The broad-based S&P 500 rose 0.3 percent to 2,417.58, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 6,125.02.
Syria accuses Turkey of negativity The United States is willing to work with Russian Federation to implement measures to stabilize Syria , including no-fly zones. Syria already has three de-escalation zones after Russia , Turkey , and Iran signed a deal in Astana , Kazakhstan in May.
The Federal Reserve voted to raise its benchmark interest rate by a quarter of a point from 1 percent to 1.25 percent in June.
"Once again, the buzz kill on the jobs report is the lack of more substantial wage growth", said Mark Hamrick, a senior economic analyst for Bankrate.com, which tracks interest rates. The one-tenth of a percent increase is due to more people, perhaps encouraged by mostly positive economic news, resuming their search for work. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months.
Underemployment, which measures people who want to be working full-time but are not, rose to 8.6% in June from 8.4% in May.
Sterling fell to a more than one-week low of $1.2871 and was last down 0.7 percent at $1.2883. The figure would also be a rebound from the relatively weak gains of 138,000 jobs in May. The industry has added 277,000 jobs over the year. (Usually, the two tend to move in opposite directions.) There has been a general return of volatility to the stock market after months of steady, incremental gains.
United States job growth surged more than expected in June and employers increased hours for workers, signs of labour market strength that could keep the Federal Reserve on course for a third interest rate increase this year despite benign inflation.
Scattered showers and storms today; clearing out Sunday
Tonight's forecast calls for a low around 61, with partly cloudy skies and winds coming from the north at 5 to 10 miles per hour . We will see a few scattered showers and storms on and off throughout the day, but most of the day will be dry.
US House passes bill to defund 'Sanctuary Cities'
An illegal immigrant from Honduras, Edwin Mejia, is wanted for motor vehicle homicide in the case, according to U.S. Democrats on the House Judiciary Committee - where the bills came from - criticized the bills Thursday.