US hiring beats expectations in June
Job growth came in at 147,000 last month, rising from a 144,000 figure in May. File photo: Reuters
The American economy added more jobs than expected in June while the unemployment rate edged down, official data showed on Thursday, offering signs of continued labour market strength despite worries over US President Donald Trump's tariffs.
Job growth came in at 147,000 last month, rising from a 144,000 figure in May – which was also revised upwards – said the Department of Labor.
The unemployment rate ticked down from 4.2 percent to 4.1 percent, and wage gains decelerated to 0.2 percent, the report added.
The world's biggest economy has fared relatively well since the Covid-19 pandemic, with a resilient jobs market allowing consumers to keep spending.
But Trump's sweeping tariffs on US trading partners, including steep rates on imports of steel, aluminium and autos, have dragged on consumer sentiment and fuelled business uncertainty.
That uncertainty has been accentuated by the US leader's approach of unveiling, then adjusting or halting measures – causing firms to become cautious in investments.
With a further wave of tariff hikes potentially incoming next week, analysts are monitoring for fragility in the job market and signs that companies might pull back in hiring and expansion.
A consensus forecast by Briefing.com had expected overall job growth of 120,000. (AFP)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTHK
2 hours ago
- RTHK
Trump to send letters laying out tariff rates
Trump to send letters laying out tariff rates Donald Trump says letters will be sent out starting on Friday to ten trading partners at a time to inform them of their tariff rates. File photo: Reuters US President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals. Acknowledging the complexity of negotiating with over 170 nations, Trump told reporters before departing for Iowa on Thursday that the letters will be sent to 10 countries at a time, laying out tariff rates such as 20 percent to 30 percent. "We have more than 170 countries, and how many deals can you make?" Trump said. "They're very much more complicated." The Republican president said he expected "a couple" more detailed agreements with other countries after Wednesday's announcement of a trade deal with Vietnam. However, he said he preferred to notify most other countries of a specific tariff rate, skipping detailed negotiations. Trump's comments underscored the challenges of completing trade agreements on everything from tariffs to non-tariff barriers such as bans on agricultural imports. Top Trump aides said in April they would work on 90 deals in 90 days, an ambitious goal that was met with skepticism from trade experts familiar with arduous and time-consuming trade deals of the past. Treasury Secretary Scott Bessent told Bloomberg Television that about 100 countries are likely to see a reciprocal tariff rate of 10 percent and predicted a "flurry" of trade deals announced before a July 9 deadline when tariffs could rise sharply. But so far, the Trump administration has only unveiled deals with the UK and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. The Trump administration's original reciprocal tariff list showed 123 jurisdictions that would be given a 10 percent tariff rate – mostly small countries, along with some territories such as Australia's uninhabited Heard and McDonald Islands. Trump sent markets into a tailspin on April 2 with sweeping reciprocal tariff rates of up to 50 percent, although he temporarily reduced the tariff rate for most countries to 10 percent to allow time for negotiations through July 9. Many countries with an initial 10 percent duty rate have not had any negotiations with the Trump administration, with the exception of Britain, which reached a deal in May to keep a 10 percent rate and won preferential treatment for some sectors including autos and aircraft engines. Major trading partners now involved in negotiations were hit with much higher tariff rates, including 20 percent for the European Union, 26 percent for India and 24 percent for Japan. Other countries that have not engaged in trade talks with the Trump administration face even higher reciprocal tariffs, including 50 percent for the tiny mountain kingdom of Lesotho, 47 percent for Madagascar and 36 percent for Thailand. Trump on Wednesday announced an agreement with Vietnam that he said cuts US tariffs on many Vietnamese goods to 20 percent from his previously threatened 46 percent. Many US products would be allowed to enter Vietnam duty free. (Agencies)
RTHK
3 hours ago
- RTHK
Wang Yi dismisses European concerns over rare earths
Wang Yi dismisses European concerns over rare earths Wang Yi said China has established a fast track mechanism to facilitate exports to European companies. Photo: Reuters Foreign Minister Wang Yi said on Thursday that rare earth exports should not become an issue between China and Europe, giving assurances that Europe's needs could be met if applications were submitted. Wang was speaking in Berlin during a joint news conference with his German counterpart, on the second leg of a European tour seeking to lay the groundwork for a summit between EU and Chinese leaders later this month. Responding to a question about European companies' concerns over China's rare earth export controls, Wang emphasized that it is a sovereign right and international responsibility for any country to impose necessary regulations on dual-use items –goods that can serve both civilian and military purposes. "Rare earths have not been, are not, and will not be a problem between China and Europe, or between China and Germany," Wang said. "If legal applications are submitted, Europe's and Germany's normal needs can be met." Wang noted that Chinese authorities have also established a "fast track" mechanism to facilitate exports to European companies. He said certain forces with ulterior motives have been deliberately hyping up this matter between China and Europe, but stressed that China's policy is consistent with international practices, and contributes to safeguarding global peace and stability. China, which controls over 90 percent of global processing capacity for rare earths used in everything from automobiles to home appliances, had imposed restrictions in early April requiring exporters to obtain licenses from Beijing. (Xinhua/ Reuters)
South China Morning Post
3 hours ago
- South China Morning Post
Trump says he'll start sending out tariff rate letters ‘probably tomorrow'
US President Donald Trump said that his administration may begin sending out letters to trading partners as soon as Friday setting unilateral tariff rates ahead of a July 9 deadline for negotiations. Advertisement 'We're probably going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they're going to pay to do business with the US,' Trump told reporters on Thursday as he left Washington for an event in Iowa. Trump has long threatened that if countries fail to reach deals with the US before next week's deadline, he would simply impose rates on them, raising the stakes for trading partners who have rushed to secure agreements with his administration. The US president initially announced his higher so-called 'reciprocal' tariffs on April 2, but paused those for 90 days to allow countries time to negotiate, putting in place a 10 per cent rate during that interval. So far, the Trump administration has announced deals with the UK and Vietnam and agreed to a truce with China that saw the world's two largest economies ease tit-for-tat tariffs. Advertisement Asked Thursday if more deals were on the way, Trump responded that 'we have a couple of other deals, but you know, my inclination is to send a letter out and say what tariffs they are going to be paying'. 'It's much easier,' he said.
