The month of June was another great month for jobs, far exceeding expectations. While it was slightly higher than last month, the unemployment rate is still at its lowest point in almost five decades.
What do the jobs numbers say?
According to the Bureau of Labor Statistics, the U.S. added 224,000 jobs in June with "notable jobs gains" in "professional and business services, in health care, and in transportation and warehousing."
CNBC reported that economists had expected this number to be only 165,000. On average, the U.S. jobs report has grown by 172,000 per month this year, which is down from a 223,000 employment growth average last year.
President Donald Trump celebrated the jobs report by tweeting "JOBS, JOBS, JOBS!" and quoting a CNSNews article that identified this as the "19th Record of Trump Era."
“Record 157,005,000 Employed; 19th Record of Trump Era” https://t.co/syROOk1UOb— Donald J. Trump (@Donald J. Trump)1562337027.0
What about unemployment?
The unemployment rate for June was at 3.7 percent, up slightly from 3.6 percent in May. However, before October the unemployment rate had not been as low as 3.7 percent since 1969. Currently, about 6 million Americans report being unemployed.
Wages are also up, by 6 cents on average. This is slightly less than the 9 cents wages rose for the month of May.
While this report bodes well for the economy, it could also indicate that the Federal Reserve could raise interest rates again. The Federal Reserve periodically raises interest rates during periods of economic growth, in order to keep inflation under control.
Trump has strongly criticized the Fed for how often it's raised interest rates during his presidency, saying in December that it should "take the victory" and keep rates where they are.