Global| Jul 06 2018U.S. Nonfarm Payrolls Rise Firmly; Jobless Rate Increases; Wages Rise Moderately
by:Tom Moeller
|in:Economy in Brief
Summary
The job market remained firm during June. Nonfarm payrolls increased 213,000 (1.6% y/y) following a 244,000 May rise and a 175,000 April gain. Together, payrolls during these two months were revised up by 37,000. A 191,000 rise in [...]
The job market remained firm during June. Nonfarm payrolls increased 213,000 (1.6% y/y) following a 244,000 May rise and a 175,000 April gain. Together, payrolls during these two months were revised up by 37,000. A 191,000 rise in employment was expected in the Action Economics Forecast Survey. Strength in employment has generated an improvement in wages. Average hourly earnings increased 0.2% (2.7% y/y) which followed an unrevised 0.3% rise. A 0.3% rise had been anticipated.
The unemployment rate rose to 4.0% due to a surge in the labor force. Expectations had been for 3.8%. The total unemployment rate, including those marginally attached and working part-time for economic reasons, rose to 7.8%.
The labor market data are contained in Haver's USECON database. Detailed figures are in the EMPL and LABOR databases. The expectations figures are in the AS1REPNA database.
| Employment: (SA, M/M Change, 000s) | Jun | May | Apr | Jun Y/Y | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Payroll Employment | 213 | 244 | 175 | 1.6% | 1.6% | 1.8% | 2.1% |
| Previous Estimate | -- | 223 | 159 | -- | -- | -- | -- |
| Manufacturing | 36 | 19 | 28 | 2.3 | 0.7 | 0.1 | 1.2 |
| Construction | 13 | 29 | 16 | 3.9 | 2.4 | 4.1 | 5.0 |
| Private Service-Producing | 149 | 188 | 122 | 1.7 | 1.8 | 2.2 | 2.4 |
| Government | 11 | 5 | 1 | 0.0 | 0.4 | 0.9 | 0.7 |
| Average Weekly Hours - Private Sector | 34.5 | 34.5 | 34.5 | 34.4 | 34.4 | 34.4 | 34.5 |
| Private Sector Average Hourly Earnings (%) | 0.2 | 0.3 | 0.2 | 2.7 | 2.5 | 2.6 | 2.3 |
| Unemployment Rate (%) | 4.0 | 3.8 | 3.9 | 4.3 | 4.4 | 4.9 | 5.3 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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