US Economy Gains
222,000 Job; Unemployment Rate Rises Slightly
July 07, 2017
The U.S. economy posted strong job growth in June, with a net gain of
222,000 jobs, while the unemployment rate rose slightly to hit 4.4
Friday's report from
the Labor Department shows wages grew 2.5 percent in June from the same
period a year earlier. That is just slightly above the rate of
inflation, and several analysts called the gain "disappointing."
Economists say when hiring steps up, employers usually have to raise
wages to attract and retain the best workers.Many companies complain
they can not get all the technically-skilled workers they need.But so
far, overall wages have grown little.
Chief economist for the global
information company, IHS, Nariman Behravesh says wage growth will
probably pick up over the next year as the economy gains between 150 and
180 thousand jobs a month.
PNC Bank Chief Economist Gus Faucher says employers will raise wages as
they find it "more and more difficult to attract qualified workers."
Global Ratings Economist Satyam Panday says there are six million job
openings in the United States, and more training programs could help
prepare people to fillthese positions.
Friday's report from the Labor Department also says the unemployment
rate edged up slightly to 4.4 percent. The one-tenth of a percent
increase is due to more people, perhaps encouraged by mostly positive
economic news, resuming their search for work.
About 7 million Americans are counted as unemployed. Another 1.6 million
are not working but are not counted as officially unemployed because
they have not sought jobs in the past four weeks.More than 5 million
additional people want full-time jobs but can find only part-time
employment.June's job gains were concentrated in health care, business
services and restaurants.