June Jobs Report ‘Blowing Away Expectations,’ Added 224,000 Jobs To U.S. Economy

More than 224,000 jobs were added to the United States economy in the month of June, far exceeding expectations for the month.

Recent jobs reports, especially the mere 72,000 jobs which were added in May, have trended downward and have led some economist to theorize a recess could be looming. The massive boom in job creation in the month of June, however, has eased some of these worries.

The jobs report also showed a slight bump in the unemployment rate from 3.6 percent to 3.7 percent.

President Trump celebrated the thunderous report on social media tweeting “JOBS, JOBS, JOBS!”

He added: “Strong jobs report, low inflation, and other countries around the world doing anything possible to take advantage of the United States, knowing that our Federal Reserve doesn’t have a clue! They raised rates too soon, too often, & tightened, while others did just the opposite.”

“As well as we are doing from the day after the great Election, when the Market shot right up, it could have been even better – massive additional wealth would have been created, & used very well. Our most difficult problem is not our competitors, it is the Federal Reserve!” the president continued.

Breitbart reports:

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The June number will be closely watched after a surprisingly poor showing in May, when the U.S. economy was initially reported to have added just 75,000 jobs. That number was revised even lower on Friday, to just 72,000. April’s number was revised down to 216,000 from 224,000.

Economists surveyed by Econoday had been looking for a gain of 165,000 for June and for unemployment to remain steady at 3.6 percent.

The June number will also be looked to as a barometer for the Federal Reserve’s monetary policy. Last month, the Fed signaled that it was ready to cut rates if the economy continued to show signs of slowing and inflation remained low. The stronger than expected number may create some hesitancy to cut rates.

Manufacturing jobs showed renewed strength, adding 17,000 jobs after four months of coming in flat. Construction jobs rose by 21,000. Transportation and warehousing added 24,000  jobs. Employment in health care increased by 35,000. Professional and business services added 51,000 jobs.

CNS News adds:

The participation rate reached a record high of 67.3 percent in early 2000; the highest it’s been under Trump is 63.2 percent.

The number of Americans not in the labor force, meaning they did not have a job and were not looking for one, dropped by 158,000 last month to 96,057,000 but this number remains near historic highs, as the Baby Boom generation accelerates into retirement.

Among the major worker groups, the unemployment rates for adult men (3.3 percent), adult women (3.3 percent), teenagers (12.7 percent), Whites (3.3 percent), Blacks (6.0 percent), Asians (2.1 percent), and Hispanics (4.3 percent) showed little or no change in June.