The Economy Just Added 222K New Jobs

Why is the Fed in a rush to normalize interest rates

Why is the Fed in a rush to normalize interest rates

The unemployment rate moved up marginally to 4.4% but remains at lows unseen since 2001 and rose as more people came off the sidelines and started looking for work.

The number of long-term unemployed (those jobless for 27 weeks or more) was unchanged at 1.7 million in June and accounted for 24.3 percent of the unemployed.

But Wright of iCIMS notes that the U6 rate has been declining quickly and the difference between it and the headline U3 unemployment rate is nearly back to the 1994-2007 average - another sign that the labor market is getting tighter as the economy continues to expand. The figures are provisional and could be revised.

Employment growth has averaged 180,000 per month so far this year, in line with the average monthly gain of 187,000 in 2016. That cycle of limited wage gains and low prices has kept inflation in check, to the consternation of the Fed, which wants to see slightly higher inflation to justify its campaign to raise short-term rates. The Fed raised short-term interest rates last month for the third time since December with Fed chair Janet Yellen citing the "very strong labour market" for the decision. It also trails the first five months of Obama's second term, when 1 million jobs were added, and the first five months of George W. Bush's second term, when 1.2 million jobs were added.

Weather alert for storm headed east through Wallingford
EXTENDED: This weekend looks dry until late-day Sunday with high temperatures in the mid to upper 80s with humidity remaining low. The first line of showers and storms (associated with a trough of Low pressure) are moving through the Mid-South this afternoon.

The U.S. economy is forecast to have added 177,000 jobs in June, according to economists surveyed by FactSet, up from about 138,000 jobs added in May.

Employment in mining rose by 8,000 in June, with most of the increase coming in support services. Average hourly earnings increased four cents, or 0.2 percent, in June after gaining 0.1 percent in May. "It's nice to see the number jump back up...but wage growth is not going higher".

Mark Zandi, chief economist at Moody's Analytics, said that many workers are too cautious to push for raises, partly because of the lingering impact of the Great Recession, when almost 9 million people lost jobs.

The June jobs report is out and it's a beat.

Chile feels the fatigue from its all-out play in Confed Cup
Pizzi says the south Americans can hold their own against Fernando Santos-coached Portugal . Germany and Mexico will meet in the second semi-final on Thursday.

Here are reactions to the Labor Department's report showing 222,000 jobs created in June and an unemployment rate of 4.4%.

The latest numbers show that despite a shortage of skilled workers, companies are still hiring.

"Small business optimism has been flying high for months based on the expectation that Congress will cut taxes and reform health care", she said. Once again the service sector was the largest new employer.

Specifications for new Pixel 2 devices revealed
One notable change is that the glass window found on the Pixel XL doesn't enclose the rear-facing fingerprint sensor on Taimen. It will have a 4.97-inch display with 1080p resolution, and the physical design will be nearly identical to last year's Pixel.

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