The U.S. economy added 224,000 jobs during the month of June, which is well higher than the expected number of 165,000.
BREAKING: U.S. economy added 224,000 jobs in June vs. expectations of 165,000 increase; unemployment rate rises to 3.7%https://t.co/gzzWrQV2Fd pic.twitter.com/ktK1huVqiX
— CNBC Now (@CNBCnow) July 5, 2019
As CNN puts it, the U.S. economy is currently “blowing away expectations.”
CNN (Yes, CNN) Correspondent: June Jobs Report “Blowing Away Expectations” pic.twitter.com/Xj8ukfgloE
— Arthur Schwartz (@ArthurSchwartz) July 5, 2019
The unemployment rate ticked up a tenth of a percentage from 3.6 to 3.7 percent as well, which due to more Americans than estimated entering the workforce.
✅224,000 new jobs created
✅3.1% wage increase
✅105 straight months of job growth
✅More Americans than estimated entering the workforceThe latest Labor Dept. report shows why pro-growth policies mean more jobs & higher incomes for all Americans. https://t.co/h6hikNvGIK
— Jim Banks (@RepJimBanks) July 5, 2019
Perhaps the biggest winner from the jobs report was the manufacturing sector, which added over 17,000 jobs, far higher than its previous 2019 per-month average of 8,000.
Manufacturing employment rebounded in June after a lackluster start to the year. https://t.co/Wk0eLPlPKG pic.twitter.com/p10vMUYvl0
— Real Time Economics (@WSJecon) July 5, 2019
Wages rose more than three percent over last year.
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The economy created 224,000 jobs in the month of June. the unemployment rate ticked up to 3.7%, but because the size of the labor force grew. Wages grew 3.1% over the past 12 months. #Jobs #Economy
— Edward Lawrence (@EdwardLawrence) July 5, 2019
All in all, a solid report.
Now the question is whether this report will influence (possibly dissuade) the Federal Reserve from cutting interest rates later this month.
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