US Hiring Stayed Strong Amid Early Days of Tariff Policy, Jobs Report Shows
The latest jobs report from the US Department of Labor has shown that hiring in the country remained strong despite the early days of the tariff policy implemented by the Trump administration. The report, released on Friday, revealed that employers added 213,000 jobs in June, surpassing expectations and marking the 93rd consecutive month of job gains.
The strong job growth comes as a surprise to many economists and analysts who had predicted that the tariff policy, which has sparked fears of a trade war with countries like China and Canada, would have a negative impact on hiring. However, the data suggests that businesses are continuing to expand and hire new workers despite the uncertainty surrounding trade policy.
The industries that saw the most job gains in June were professional and business services, manufacturing, and healthcare. Professional and business services added 50,000 jobs, while manufacturing added 36,000 jobs, a sign that the sector may be benefitting from the administration’s focus on boosting domestic production. Healthcare also saw an increase of 25,000 jobs, reflecting the ongoing demand for healthcare services in the country.
The unemployment rate also rose slightly in June to 4%, up from 3.8% in May. However, this increase was largely due to more people entering the labor force in search of jobs, which is actually a positive sign for the economy. The labor force participation rate, which measures the percentage of working-age people who are either employed or actively looking for work, rose to 62.9% in June, up from 62.7% in May.
Overall, the latest jobs report indicates that the US economy remains strong and resilient in the face of potential trade disruptions. While concerns about the impact of tariffs on the economy persist, the data suggests that businesses are still hiring and expanding, indicating confidence in the long-term outlook for the US economy. As the tariff policy continues to unfold, it will be important to monitor how businesses and consumers respond to the changes and how they ultimately impact the job market.