JOBS/LABOR: “U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate hike this year despite sluggish wage gains.
Non-farm payrolls jumped by 222,000 jobs last month, driven by hefty gains in healthcare, government, restaurants and professional and business services sectors, the Labor Department said on Friday [7-7-17].
That was the second biggest payrolls increase this year and beat economists’ expectations for a 179,000 rise. The economy also created 47,000 more jobs in April and May than previously reported. While the unemployment rate rose to 4.4 percent from a 16-year low of 4.3 percent in May, that was because more people were looking for work, a sign of confidence in the labor market.”
-Lucia Mutikani, “U.S. job growth accelerates in June, wages continue to lag,” Reuters, July 7, 2017 11:39am