America is officially winning again, at least when it comes to jobs. A recently released report reveals that over 222,000 new jobs were created in June alone; companies are still hiring despite worker shortages in some key areas.
This most recent increase continued the trends seen in hiring in the last four months, and aligns with a growth spurt in the overall economy this year. These employment gains also triggered an increase in the Dow Joes Industrial Average, since jobs surpassed early estimations and predictions.
Information about jobs and growth is compiled by the Bureau of Labor and Statistics and released monthly. This June, the Jobs report builds on the momentum of previous months; there were just over 150,000 new jobs created in May.
Modest Wage Increases
Slight changes to hourly wages were also seen in the month of June, with an increase of about .2% to the average hourly wage. The new average is now $26.25 per hour, and has been growing modestly when compared to the overall new job growth rate.
The slower growth of wages could be tied to employers who continue to attempt to minimize or restrain labor costs. Low productivity and even the number of millennials entering the workforce (and willing to work for lower wages) could be the cause of slow hourly rate growth as well.
All Industries Report Good News
The jobs report was impressive in a variety of ways; growth was seen in not just a single sector, but in multiple industries and areas.
Over 37,000 new healthcare workers were hired in June as facilities and providers struggle to keep up with the needs of an aging population. A nursing shortage continues as Baby Boomers continue to reach retirement age and need more medical care. Retiring nurses that are part of the Baby Boomer generation are also leaving behind a gap and taking highly trained, skilled nurses out of facilities entirely. Expect to continue to see strong growth in the healthcare sector for the foreseeable future.
Financial businesses ranging from banks to insurance companies added about 29,000 jobs in the month of June as consumer demand for products continues to grow.
Restaurants also saw a strong June job performance, adding 29,000 new employees in just a single month. Even retailers, hard hit by online competition, saw a minor increase in jobs this June.
Energy companies, including oil businesses improved for the eighth month in a row, adding new jobs in an industry that had been falling far behind in previous years.
Robust Job Growth Under the Trump Administration
Since President Trump took office, the unemployment rate has fallen by .4%, and according to the Labor department, the number of unemployed individuals dropped by 658,000 since January. These economic gains have not been getting the attention they deserve from the media, according to President Trump, who turned to Twitter to make his point.
“At some point the Fake News will be forced to discuss our great jobs numbers, strong economy, success with ISIS, the border & so much else!” he said. “Really great numbers on jobs & the economy! Things are starting to kick in now, and we have just begun! Don’t like steel & aluminum dumping!”
Democrats, including House Democratic Leader Nancy Pelosi, were quick to overlook the overall job growth and instead focused on the marginal increases to per hour wages.
“Despite all the Trump Administration’s promises, automakers and other industries are shipping American jobs overseas, and the White House offers nothing but tweets,” she said in a statement issued in July. “Hard-working Americans are being left behind by a Republican Congress and Administration that haven’t lifted a finger to create good-paying jobs or raise wages.”
Despite the strong growth and promising report, many mainstream media outlets barely covered the story or focused on the slow wage growth instead of the impressive jobs numbers.
The jobs report is good news for the economy and good news for workers, too. Since some industries are still actively struggling to find skilled workers, the hiring trend should continue through the summer.
~ Liberty Planet
