U.S. job growth cools, unemployment rate rises to 6.2 percent

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  • Rum_Pirate
    Banned
    • Apr 2007
    • 22881

    U.S. job growth cools, unemployment rate rises to 6.2 percent

    I hope that this does not adversely affect the $-£ rate. I want the $ to increase in value.

    By Lucia Mutikani WASHINGTON (Reuters) - U.S. job growth slowed a bit in July and the unemployment rate unexpectedly rose, pointing to slack in the labor market that could give the Federal Reserve room to keep interest rates low for a while. Nonfarm payrolls increased 209,000 last month after surging by 298,000 in June, the Labor Department said on Friday. Although job growth was below expectations, July marked the sixth straight month employment expanded by more than 200,000, a signal of strength last seen in 1997. The one tenth of a percentage point increase in the unemployment rate to 6.2 percent came as more people entered the labor market, an indication of confidence in job prospects.


    U.S. job growth cools, unemployment rate rises to 6.2 percent

    By By Lucia Mutikani21 minutes ago



    View phot




    By Lucia Mutikani
    Nonfarm payrolls increased 209,000 last month after surging by 298,000 in June, the Labor Department said on Friday.WASHINGTON (Reuters) - U.S. job growth slowed more than expected in July and an unexpected rise in the unemployment rate pointed to some slack in the labor market that could give the Federal Reserve room to keep interest rates low for a while.
    Data for May and June were revised to show a total of 15,000 more jobs created than previously reported, showing underlying momentum.
    July marked the sixth straight month that employment has expanded by more than 200,000 jobs, a stretch last seen in 1997. The one tenth of a percentage point increase in the unemployment rate to 6.2 percent came as more people entered the labor market, a sign of confidence in the job market.
    Average hourly earnings, which are being closely monitored as a potential signal of reduced slack that could prompt the Fed to raise rates, rose only one cent.
    That left the annual rate of increase at 2.0 percent, still well below the levels that would make Fed officials nervous. Hmm, that 1% is at 50% of the level.
    Fed officials on Wednesday cautioned that "significant" slack remained, signaling patience on the rate front.
    Economists polled by Reuters had expected payrolls to increase 233,000 last month and the unemployment rate to hold steady at 6.1 percent.
    The cooling in hiring is unlikely to change perceptions about strong economic growth in the third quarter. I hope so.
    The economy grew at a 4.0 percent annual pace in the second quarter after shrinking at a 2.1 percent rate in the first three months of year. While restocking by businesses lifted the figure, growth is seen remaining sturdy for the rest of 2014.
    The employment report, already closely watched by financial markets around the globe, is set to garner even more attention in the months ahead, as investors seek to gauge when the Fed is likely to raise benchmark interest rates from near zero, where they have been since December 2008.
    Most economists look for the first increase in the second quarter of next year. [ECILT/US]
    The jobless rate has declined from a peak of 10 percent in October 2009, but much of the drop has been because Americans have left the workforce.
    The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, increased to 62.9 percent in July after holding at 62.8 percent for three consecutive months.
    A broad measure of unemployment that includes people who want a job but have given up searching and those working part-time because they cannot find full-time jobs edged up to 12.2 percent after hitting its lowest level since October 2008 in June. Oh oh.
    Job gains were broad-based in July. Services industries employment accounted for the bulk of the gains, adding 140,000 positions. That compared to 232,000 jobs in June.
    Manufacturing payrolls increased for the 12th month in a row, adding 28,000 jobs in July. Construction jobs advanced for the seventh consecutive month, with July payrolls rising 22,000. Government employment increased by 11,000 jobs.
    The length of the average workweek held steady at 34.5 hours.(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

  • John Smith
    Senior Member
    • Mar 2009
    • 48681

    #2
    Re: U.S. job growth cools, unemployment rate rises to 6.2 percent

    Think Congress not doing anything impacts this?
    "Banning books in spite of the 1st amendment, but refusing to regulate guns in spite of "well regulated militia' being in the 2nd amendment makes no sense. Can't think of anyone ever shot by a book

    Comment

    • wardd
      Senior Member
      • Sep 2009
      • 15162

      #3
      Re: U.S. job growth cools, unemployment rate rises to 6.2 percent

      first you have to learn how our unemployment rate is calculated and how an improving jobs outlook can drive it temporally higher

      Comment

      • Rum_Pirate
        Banned
        • Apr 2007
        • 22881

        #4
        Re: U.S. job growth cools, unemployment rate rises to 6.2 percent

        Originally posted by John Smith
        Think Congress not doing anything impacts this?

        I think that everything the Government* does affects it.



        * Democrats, Republicans, President, Congress, Senate, plus Feds etc.

        Comment

        • Keith Wilson
          Trying to be reasonable
          • Oct 1999
          • 64114

          #5
          Re: U.S. job growth cools, unemployment rate rises to 6.2 percent

          Signal and noise, signal and noise. This is a perfect example of 'we needed something to write about today'.




          Last edited by Keith Wilson; 08-01-2014, 09:17 AM.
          "For a successful technology, reality must take precedence over public relations,
          for nature cannot be fooled."

          Richard Feynman

          Comment

          • Paul Pless
            pinko commie tree hugger
            • Oct 2003
            • 124805

            #6
            Re: U.S. job growth cools, unemployment rate rises to 6.2 percent

            link

            How about a Kate update or pics of your Penobscot under construction? or the big cat you had use of recently? or fish coming aboard over the transom of your outboard skiff?
            Simpler is better, except when complicated looks really cool.

            Comment

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