Hispanic Unemployment Falls to LOWEST LEVEL in US HISTORY — RECORD SMASHED

Hispanic Unemployment Falls to LOWEST LEVEL in US HISTORY — RECORD SMASHED

The data also shows a modest hourly compensation hike of 2.7 percent last month, compared to a year earlier. "While initial jobless claims rebounded during the payroll month-averaging 224k vs. 214k in May-they remain at very low levels, and continuing claims have continued to decline".

The broader USA economy appears to be on sturdy ground.

In Europe, the assault on working class wages and conditions has primarily taken the form of brutal austerity policies to slash social programs and increase the tax burden of workers to pay for the subsidies offered to European banks.

The unemployment rate ticked up to 4% from 3.8%, as the strong labour market encouraged more people to look for work. And as is the case in most months, professional and business services as well as education and health services were the sectors that saw the largest increase in employment, with 50,000 and 54,000 jobs added in these sectors respectively. This suggests renewed economic optimism among less-skilled or less-educated workers. Businesses have scaled back or postponed investment plans because of trade uncertainty. Even so, a steady pace of hiring and gradually rising wages, along with lower taxes, are helping underpin consumer spending and propelling a rebound in USA growth.

The Labor Department has said that apart from the additional 213,000 jobs in June, another 37,000 extra jobs were created in April and May, which was again more than the estimates.

The Trump administration has also applied tariffs on steel and aluminum from allies like Canada and Mexico and has threatened to abandon the North American Free Trade Agreement with those two countries. In general, monthly payroll gains of around 100,000 - or even a bit less - are sufficient to keep pushing down the unemployment rate, according to economists.

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Trump has also spoken about slapping tariffs on imported cars, trucks and auto parts, which General Motors has warned could hurt the USA auto industry and drive up vehicle prices.

Trump frequently touts the strong jobs picture as hiring has picked up in recent months. Construction jobs have increased by 282,000 over the year to meet housing demand, and mining has tacked on 95,000 jobs as energy prices jump.

Professional and business services drove almost a quarter of USA job growth in June.

For many, the jobs numbers helped reinforce their predictions. Only retail showed a significant loss while many other sectors remained largely unchanged.

Analysts said the June employment report gave comfort to Federal Reserve officials that steady hiring in the labor market would not trigger too much inflation worry for the moment.

Overall, U.S. employers added 213,000 jobs in June.

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