US economy adds 209,000 jobs, unemployment rate stays the same
The US economy added 209,000 jobs in the month of June, far lower than expectations, though wage growth remained resilient, the Bureau of Labor Statistics reported. The number comes a day after ADP said that the economy added 497,000 jobs last month, far higher than the actual number reported by the US government. In addition, the BLS revised the jobs report from April from 294,000 jobs added down to 217,000 jobs and 339,000 jobs added in May down to 306,000 jobs. The unemployment rate ticked down from 3.7 per cent in May to 3.6 per cent in June. At the same time, hourly earnings remained robust, increasing 0.4 per cent in June and 4.4 per cent in the past 12 months. Unemployment for white people ticked down slightly from 3.3 per cent in May to 3.1 per cent in June. But jobless rates for other major groups including adult men, adult women, teenagers, Black, Asian and Hispanic workers remained unchanged. President Joe Biden, who has in recent days been touting his economic record with a series of appearances across the US, said in a statement that the continued job growth represents “Bidenomics in action” and pointed out that the 13.2 million jobs added to the US economy since the start of his term is more than any president has overseen in a full four-year term. “The unemployment rate has now remained below 4 percent for 17 months in a row—the longest stretch since the 1960s. The share of working-age Americans who have jobs is at the highest level in over 20 years. Inflation has come down by more than half. We are seeing stable and steady growth,” he said. “That’s Bidenomics—growing the economy by creating jobs, lowering costs for hardworking families, and making smart investments in America”. The news comes despite the fact that the Federal Reserve paused raising interest rates last month after it had consistently done so to cool down a hot labour market as a way to ease inflation. Increased jobs typically coincide with higher inflation given that employed consumers have more demand in the economy. Employment in government led the job increases, adding 60,000 jobs during June followed by health care, which added 41,000 jobs and social assistance, which added 24,000 jobs. But retail trade employment shed 11,000 jobs, while building material and garden equipment and supplies dealers lost 10,000 jobs. Furniture, home furnishings, electronics, and appliance retailers lost 5,000 jobs. The decidedly mixed jobs report comes as Mr Biden has attempted to tout his economic record, adopting the term “Bidenomics” to describe his policies such as the bipartisan infrastructure bill and the Inflation Reduction Act, which passed last year. On Thursday, he visited South Carolina to talk about his record and tout the fact that the United States attracted almost half a billion dollar private investment in manufacturing. “It’s historic, and it’s Bidenomics in action,” he said. “Instead of exporting jobs to cheaper labor costs -- what we did for decades -- we’re creating jobs here and exporting American product.” Read More Biden touts his economic record in fiery speech: ‘Guess what – Bidenomics is working’ Watch: Antony Blinken visits China for high-stakes meeting after ‘spy balloon’ Biden administration says judge's social media order could cause 'grave harm' Trump’s ex-press sec’y says there’s ‘no way’ White House cocaine is Hunter Biden’s NATO leaders set to offer Ukraine major support package but membership is off the table for now The US will provide cluster munitions to Ukraine as part of a new military aid package: AP sources
1970-01-01 08:00
Mauricio Pochettino relays Mason Mount message in first Chelsea press conference
Mauricio Pochettino gives his thoughts on Mason Mount's move from Chelsea to Man Utd. The 24-year-old recently sealed a move to Old Trafford which could eventually be worth £60m to the Blues.
1970-01-01 08:00
Who is Taylor Swift's 'Better than Revenge' song about?
Taylor Swift’s third album Speak Now was re-released today as Speak Now (Taylor’s Version) as the multi-award winning artist continues to re-record her catalogue. The new version featured all 14 songs on the original record, as well as six songs ‘from the vault’, which means that Swift wrote them for the album but they didn’t make the cut initially. The album also features artists Fall Out Boy and Hayley Williams from Paramore. When listening to the album fans noticed that Swift had changed a lyric in one of her hit songs. 'Better Than Revenge' is about Swift desiring to get revenge on a romantic rival. The lyric from the original album released in 2010 goes “she’s better known for the things that she does on the mattress.” Which some claimed to be misogynistic and “slutshaming”. So for 'Better Than Revenge (Taylor’s Version)', Swift changed the line to: “he was a moth to flame, she was holding the matches.” Sign up to our free Indy100 weekly newsletter Many praised the change, saying it highlighted Swift’s growth, who was 21 when Speak Now was originally released, whilst some fans mourned the original lyric saying it’s exactly what an 18-year-old would write and the authenticity of it has been damaged. However, the lyric change has led many to re discuss who the song was about in the first place. Whilst it has never been confirmed, it is believed that the song is about Joe Jonas, Swift’s ex, and Camilla Belle, the woman Jonas dated after he broke up with Taylor back in 2008. Belle is an actress and model. In fact, Belle’s niece made a TikTok about the song, explaining that Belle is her dad’s half-sister and that “I love that song, even though it’s about my aunt.” Many viewers left comments asking what Belle thought about the now-changed lyric, but there’s currently been no response. @annirouth Replying to @Carolina theres literally not a lot to say about this haha In 2014, Swift spoke to The Guardian about the lyric saying the she was only 18 when she wrote the song: “That’s the age you are when you think someone can actually take your boyfriend. Then you grow up and realise no one takes someone form you if they don’t want to leave.” Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
1970-01-01 08:00
Payrolls Data Showing Solid Wage Growth Keeps Fed on Track to Hike Rates
A solid employment report with stronger-than-expected wage growth for June keeps the Federal Reserve on track to raise
1970-01-01 08:00
William Saliba signs new four-year contract at Arsenal
William Saliba signs a new four-year contract at Arsenal to commit his future to the club until 2027. The Frenchman played an instrumental part in helping the club challenge Manchester City for the Premier League title in 2022/23.
1970-01-01 08:00
Arda Guler confirms decision on loan away from Real Madrid
Arda Guler speaks for the first time as a Real Madrid player after €20m transfer from Fenerbahce.
1970-01-01 08:00
Finding Skip Bayless a New Debate Partner Might Be Harder Than We Thought
Undisputed is not returning until August 28.
1970-01-01 08:00
NATO leaders set to offer Ukraine major support package but membership is off the table for now
NATO Secretary-General Jens Stoltenberg says U.S. President Joe Biden and his counterparts will agree next week to help modernize Ukraine’s armed forces, create a new high-level forum for consultations, and reaffirm that it will join their alliance one day
1970-01-01 08:00
Tristan Tate takes aim at Mark Zuckerberg as he pleads for fan support to secure access to Threads, trolls say 'best of luck playing victim'
Tristan Tate finds himself presently placed under house arrest after he and his brother were unsuccessful in their appeal at the Court of Appeal
1970-01-01 08:00
Moises Caicedo speaks out on Chelsea transfer interest
Moises Caicedo has spoken out about Chelsea's transfer interest & Kendry Paez.
1970-01-01 08:00
Did Pokimane make budding Twitch streamer cry? Shocked Yeetitsnikki screams 'you're lying', Internet calls it 'insane'
The sheer shock and genuine joy on Yeetitsnikk’s face was palpable, as she struggled to believe what was happening
1970-01-01 08:00
Nobel winner Vargas Llosa recovers from Covid: son
Nobel literature laureate Mario Vargas Llosa has been discharged from the Madrid hospital where he was admitted at the weekend for complications linked to Covid-19...
1970-01-01 08:00
