Jobless rate for Latino Americans fell to record low in June

Eileen GuzmanJul 09, 2018

Additionally, the unemployment rate rose to 4 percent from 3.8 percent even as the labor market encouraged people to seek employment.

Economists expected 195,000 payroll gains, according to a Bloomberg survey. As executives say they can not find enough qualified workers, some are turning to hiring people who are incarcerated or people with disabilities. In addition, prior months estimates were revised up.

"The tariffs jumble things about what we should expect to see in the next few months", said Cathy Barrera, chief economist at ZipRecruiter, the online jobs marketplace.

But steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases. On an annual basis, the growth in average labor remuneration stabilized at 2.7%, but on an increase of 2.8%. There were increases in professional and business services employment as well as leisure and hospitality. Manufacturing added a healthy 36,000 jobs in June. Retailers, however, cut 22,000 jobs as the sector continues to grapple with a shift from physical stores to online shopping.

Overall, unemployment inched up to 4 percent last month, largely due to the expanding pool of people actively seeking jobs. The increase was driven by 284,100 new full-time positions.

The labor force participation rate also went up by 0.2 percent to the current 62.9 percent after 601,000 joined the civilian labor force. However, that share is eventually expected to resume a longer-term decline as Baby Boomers continue to retire in large numbers.

The monthly average climb so far in 2018 has been +215,000. So, taking this all together we have a USA economy growing at around 4% in the current quarter, that has an incredibly tight labour market with headline consumer price inflation potentially rising to 3% next week.

The report provided positives all around.

"Despite ongoing concerns about being on the brink of a trade war, today's jobs report shows the continued strength of the economic recovery in the USA", said Tony Bedikian, head of global markets at Citizens Bank.

May's figure is now being estimated higher by +37,000 vis à vis what was reported for May a month ago.

Rather than being an omen of bad things to come, the rise suggests a positive outlook for the U.S. economy as it coincides with more than 600,000 people entering the labor force.

For the Fed, the report presents a bit of a dilemma.

The lack of wage growth is disappointing, but still higher than the rate of inflation, said Douglas Holtz-Eakin, president of the American Action Forum. Staten Island is being infused with an estimated 8,000 jobs as many new businesses, like Amazon, plan to open here.

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