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The Guardian
30 minutes ago
- The Guardian
US economy adds 147,000 jobs in June, surpassing expectations amid Trump trade war
The US economy added 147,000 jobs in June, a sign of continuing strength in the labor market amid Donald Trump's trade war. The number of jobs added surpassed expectations, as economists largely anticipated a drop in openings. Instead, 8,000 more jobs were added in June compared with May, according to new job figures from the Bureau of Labor Statistics (BLS). The unemployment rate actually decreased to 4.1%, down from 4.2% in May. Job gains were seen in state government and healthcare, which saw increases of 47,000 and 39,000 jobs, respectively. Meanwhile, federal government job losses continued, with another 7,000 roles down in May, as the Trump administration continues to cut jobs. The total job loss in the federal government has been 69,000 since January. Though the president's tariffs have rocked the US stock market, which has seen a dramatic rebound after dipping down 15% in the spring, economists have been worrying that the labor market has just been slower to show sensitivity to the tariffs. New data had shown employers showing signs of hesitancy. Payroll firm ADP found that the private sector lost 33,000 jobs in June, far below the 100,000 increase that was expected, and the first decrease since March 2023. The dip in job openings doesn't necessarily mean companies are laying off more workers; rather, they are creating fewer new positions. 'Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,' said Nela Richardson, chief economist at ADP, in a statement. Data from BLS that measures job openings and turnovers in the labor market found that while job openings had climbed in May, to its highest level since November, the vast majority of openings were concentrated in the leisure and hospitality industry. Economists with Citigroup said the spike in new jobs could be temporary as companies opened new positions in response to Trump's crackdown on immigrants, fearing that immigrant employees could lose work permits. The White House has spent the last few months downplaying the impact tariffs have on the domestic economy, despite anxiety from both consumers and businesses over the impact tariffs have on prices. The deadline for Trump's 90-day pause on some of his highest tariffs is scheduled to expire next week, as the White House tries to broker deals with dozens of countries that could face high tariffs. The White House announced on Tuesday a deal with Vietnam, whose products were scheduled to face a 46% tariff. The country agreed to a 20% tariff rate, with no tariffs placed on US exports. The deal with Vietnam follows deals Trump has made with the UK and China, but there are dozens of other countries whose exports could face high tariffs without a deal. Amid economic uncertainty, Trump has tried to pass blame onto the Federal Reserve and its chair, Jerome Powell. On Monday, Trump sent an open letter to Powell demanding that the Fed lower interest rates. 'He's costing us a fortune because he keeps the rate way up,' Trump wrote on social media. Powell, in turn, has said that the Fed has not lowered interest rates because of economic uncertainty caused by Trump's tariffs. 'In effect, we went on hold when we saw the size of the tariffs,' Powell said. 'Essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.'
The Independent
33 minutes ago
- The Independent
U.S. applications for jobless aid fell to 233,000 last week as layoffs remain low
Fewer Americans applied for unemployment benefits last week as layoffs in the U.S. remain low despite uncertainty about how tariffs will impact the economy. The Labor Department reported Thursday that jobless claims for the week ending June 28 fell by 4,000 to 233,000, less than the 241,000 that analysts forecast. The four-week average of claims, which evens out some of the weekly volatility, fell by 3,750 to 241,500. Applications for unemployment aid are considered a proxy for layoffs. The total number of Americans collecting unemployment benefits the week of June 21 held steady at 1.97 million.
Daily Mail
38 minutes ago
- Daily Mail
BREAKING NEWS Wall Street flies as shock jobs report defies expectations
America's job market kept its momentum. The Labor Department's June employment report, released Thursday morning, shows 147,000 new non-farm jobs added last month, a sign that employers are holding steady amid rising concerns. Economists expected 117,500 payroll gains. Today's increase is up from 139,000 jobs added last month, according to FactSet. The unemployment rate also 4.1, up slightly from 4.0 percent in May. The Fed called the unemployment rate 'little changed.' Wall Street immediately reacted to the jobs report with an inflow of cash. All three major indexes were trading in the red before the jobs release at 8:30am. Analysts have been worried that the slow tick upward is getting close to a psychological threshold: the number hasn't read above 4.3 percent since October 2021. The surprisingly hot jobs numbers come amid host of pressures facing the economy: higher interest rates, slowing consumer demand, and ongoing policy uncertainty under President Donald Trump — including a federal hiring freeze, immigration clampdowns, and trade tensions that have left some industries skittish about US investment. The US jobs market has been on a roll for years now. Hiring was turbocharged during a post-COVID rebound. At the time, employers were adding 400,000 jobs a month and still struggled to fill every role. That fever broke in 2024, when monthly job growth averaged just 168,000. Before the latest monthly numbers, America was adding an average of 124,000 jobs each month. The slowdown has been gradual — and not catastrophic. While the Fed's 11 rate hikes in 2022 and 2023 cooled the labor market, they didn't trigger the recession many feared, while also cooling inflation to just above target 2 percent rates. The combination of skipping a recession and cooling inflation was commonly referred to as a soft landing. But warning lights are blinking. Private companies shed 33,000 jobs in June, according to a separate ADP report released Wednesday. That drop, driven by a reluctance to backfill roles and a wait-and-see attitude on new hiring, may signal more softness ahead — though ADP's data often diverges from the government's numbers.
