Republicans’ Commitment To Job Growth Pays Off With 222,000 Jobs Created in June
In the most recent jobs report, the Bureau of Labor Statistics reported 222,000 new jobs were added to the American economy in June.
With layoffs decreasing and claims for unemployment benefits near their lowest levels in decades, this report has blown away economists’ predictions.
These numbers represent a continued commitment from the President and Republicans in Congress to grow the economy and create American jobs.
U.S. job growth rebounded in June, the Bureau of Labor Statistics announced Friday in a jobs report sure to allay economic fears, as the economy created 222,000 new payroll jobs and the unemployment rate ticked up a tenth of a percentage point to 4.4 percent.
The job gains easily beat private-sector economists’ expectations of 170,000 new jobs for the month.
Friday’s report provides reassurance that job growth remains strong even as unemployment, already at a pre-crisis level, falls to below where Federal Reserve officials think it can sustainably go. The news will likely reaffirm the central bank in its plans to slowly withdraw monetary stimulus, and boost the Trump administration as it pursues tax reform and regulatory relief to accelerate growth.
Only around around 50,000 to 100,000 jobs are needed each month to match population growth and keep unemployment trending down, according to Fed analysis. The U.S. is easily clearing that mark, averaging 194,000 over the past three months, as the job tallies for May and April were both revised up by a combined 47,000.
And it appears that job growth is likely to continue. Layoffs have been increasingly rare, with claims for unemployment benefits running near the lowest levels in decades.