US Economy Adds 147,000 Jobs in June, Surpassing Expectations Amid Trade War
In June, the US economy added 147,000 jobs, exceeding predictions despite ongoing trade tensions under President Trump. Job gains were seen in state government and healthcare sectors, while federal government job losses continued. The unemployment rate also decreased to 4.1%. The labor market's response to tariffs remains a concern.
The US economy added 147,000 jobs in June, showing strength in the labor market despite Trump's trade war. Economists expected a drop in job openings but 8,000 more jobs were added compared to May. The unemployment rate decreased to 4.1% from 4.2% in May.
Job gains were seen in state government and healthcare, with 47,000 and 39,000 new jobs, respectively. Federal government job losses continued, with 7,000 roles cut in May, totaling 69,000 since January.
While the stock market rebounded, concerns lingered about the labor market's response to tariffs. Private sector jobs decreased by 33,000 in June, the first drop since March 2023.
Job openings increased in May, mostly in leisure and hospitality. Companies may be creating fewer new positions due to hesitancy to hire and replace departing workers.
Trump's tariffs have raised worries, but the White House downplays their impact. Deals with countries like Vietnam aim to reduce tariffs. Trump blames the Federal Reserve for economic uncertainty, demanding lower interest rates.
According to the source: The Guardian.
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