News
US economy adds 209,000 new jobs as hiring slows
Hiring in the United States slowed in June, the Labor Department said Friday, providing a much-needed signal that the American economy is cooling ahead of another interest rate decision later this month.
The figures came in below analysts’ expectations, providing some respite for the US Federal Reserve as it mulls a return to interest-rate hikes later this month to tackle inflation still well above its long-term target of two percent.
The world’s biggest economy added 209,000 jobs last month, down from a revised figure of 306,000 in May, the Labor Department said. Meanwhile, the unemployment rate edged down to 3.6 percent, remaining close to historic lows.
The hiring figure came in below the median expectation of 240,000 new jobs in a survey of economists conducted by MarketWatch, while the unemployment rate was in line with predictions.
But despite the slowdown in job creation, analysts say the Fed is unlikely to hold off another interest rate hike at its next meeting.
“It’s a step in the right direction but we’re not near the level that we would need to see to be convinced that the labor market is significantly cooling down,” Oxford Economics’ lead US economist Oren Klachkin told AFP.
Even with job growth easing, average hourly earnings ticked up by 0.4 percent month-over-month, rising by 4.4 percent on an annual basis.
“The labor market is still very strong, wages are still rising at a very strong pace, unemployment is still very low, and nonfarm payrolls rose at a pace that is way above what the Fed wants,” Klachkin said.
‘
Bidenomics in action’
US President Joe Biden hailed Friday’s jobs report as evidence of “Bidenomics in action.”
“Our economy added more than 200,000 jobs last month—for a total of 13.2 million jobs since I took office,” he said in a White House statement.
“That’s more jobs added in two and a half years than any president has ever created in a four-year term,” he added.
June’s new jobs came mainly from increases in employment in government, health care, social assistance and construction, the Labor Department said.
”
The economy has proven remarkably resilient, with smaller businesses absorbing layoffs at larger firms,” KPMG chief economist Diane Swonk wrote in a note to clients.
– July hike ‘pretty certain’ –
Minutes published earlier this week of the Fed’s last rate decision showed that several members on its rate-setting committee supported another hike in June to tackle high inflation.
Ultimately, the Federal Open market Committee (FOMC) voted to pause the Fed’s campaign of 10 consecutive rate increases, while its members indicated they expected that two additional increases would likely be needed before the end of the year to bring inflation back down.
Among the members pushing for further increases was Dallas Fed president Lorie Logan, who said earlier this week that she had initially supported a June increase before settling for a pause.
“At this point, it is important for the FOMC to follow through on the signal we sent in June,” she said.
Friday’s labor data underscores the likelihood the Fed will return to its campaign of interest rate hikes later this month, according to Oxford Economics’ Klachkin.
“Given where the data stand right now I think that a hike this month is pretty certain, and I would say that there’s even risks of more hikes in the second half,” he said.
“The Fed is expected to raise rates at least another half percent before it pauses,” KPMG’s Swonk said, adding that a hike in July was “all but a done deal” at this point.
Futures traders now assign a probability of almost 95 percent that the Fed will raise its base rate by a quarter percentage point at its next meeting on July 25-26, according to data from CME Group.
The Ogun State Police Command has arrested a man, Johnson Elleh, for allegedly producing and circulating a viral video falsely claiming the presence of kidnapping and banditry activities along the Owode-Idiroko axis of the state.
The command said preliminary findings showed that the suspect deliberately fabricated and shared the misleading content to attract public attention and generate online engagement.
The state Police Public Relations Officer, Oluseyi Babaseyi, disclosed this in a statement issued on Thursday and made available to journalists in Abeokuta.
According to Babaseyi, the command immediately launched an investigation after the video surfaced online, subjecting its contents to scrutiny to verify the claims.
He said the findings revealed that the video was false, misleading, and intentionally crafted to trigger fear, panic, and anxiety among residents.
“Findings revealed that the video was false, misleading, and deliberately designed to create fear, panic, and anxiety among members of the public,” the statement read.
The police spokesperson stated that extensive verification further confirmed that no incident of kidnapping or banditry occurred in the Owode-Idiroko corridor or surrounding communities as portrayed in the viral clip.
He added that detectives later identified the suspect after discovering that he featured in the video, leading to his arrest.
“Further investigation revealed that the suspect was featured in the video and was subsequently identified by detectives, leading to his arrest,” Babaseyi stated.
He explained that the suspect’s action was capable of causing unnecessary public tension, disrupting social order, and eroding confidence in the state’s security system.
“During the course of the investigation, the suspect reportedly confessed to intentionally creating and disseminating the misleading content to generate online engagement and public reaction,” he added.
While noting that investigation into the matter was ongoing, the command said Elleh would be charged to court at the conclusion of the probe.
The police command strongly condemned the spread of fake news, false security alerts, and other forms of misinformation capable of creating fear and confusion among law-abiding citizens.
It warned individuals and groups against publishing, recirculating, or disseminating unverified security-related information, stressing that such acts threaten public peace and would attract legal consequences.
“The Command will continue to identify, arrest, investigate, and prosecute all persons found culpable, irrespective of status or motive,” the statement added.
The police, however, reassured residents that Ogun remained safe, peaceful, and secure, urging them to remain calm and rely only on verified information released through official channels.
“The Command remains steadfast in its commitment to protecting lives and property and maintaining public order across the state,” Babaseyi concluded.
The lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni, has mourned the death of a chieftain of the All Progressives Congress (APC) in Oyo State and former member of the Oyo State House of Assembly, Hon. Akeem Abimbola Oladipupo, popularly known as Able, describing his demise as a painful loss to the progressive family.
Oladipupo, who represented Ibadan North-West Constituency in the Oyo State House of Assembly, was widely regarded as a grassroots politician and committed party loyalist until his passing.
Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency and the APC candidate for Oyo South Senatorial District, said the late politician’s death had created a vacuum within the party and among those who benefitted from his unwavering commitment to public service.
In a condolence statement issued on Monday by his Media Aide, Idowu Ayodele, and made available to journalists in Ibadan, the Oyo State capital, the federal lawmaker described the late Oladipupo as a dependable progressive, humble political actor and loyal party stalwart whose impact would remain indelible.
He said the deceased dedicated his life to serving humanity, strengthening the progressive movement and supporting the aspirations of many at the grassroots.
Oseni said, “The death of Hon. Akeem Abimbola Oladipupo (Able) came to me as a rude shock. Oyo State and the progressive family have indeed lost a committed, loyal and selfless leader whose passion for service, humility and dedication to the people stood him out.
“He was not just a politician but a bridge-builder, a dependable ally and a grassroots mobiliser who believed strongly in the ideals of our great party. His contributions to the growth of the APC in Oyo State and his service to humanity will remain unforgettable.”
The APC senatorial candidate noted that the late former lawmaker remained steadfast in promoting peace, unity and political development, adding that his simplicity and accessibility endeared him to many across political divides.
According to Oseni, the late politician’s legacy of service and sacrifice would continue to inspire younger politicians and party faithful.
He, however, urged members of the APC, associates and family members of the deceased to take solace in the remarkable life he lived and the positive impact he made during his lifetime.
Oseni also prayed for the repose of the deceased’s soul and for God to grant his family the fortitude to bear the painful loss.
State governors have proposed a new national minimum wage of N100,000 for Nigerian workers as part of efforts to cushion them from the biting effects of inflation and the rising cost of living.
Governor AbdulRahman AbdulRazaq of Kwara State, who is also the Chairman of the Nigeria Governors’ Forum (NGF), disclosed the proposal on Saturday in a post by the state government’s official Facebook page. He said the move aims to improve workers’ welfare while ensuring that government finances remain sustainable.
“State governments recognise the urgent need to improve workers’ welfare in response to the current economic realities facing Nigerians,” AbdulRazaq said.
“We are actively engaging with the Federal Government and organised labour to arrive at a wage structure that is fair to workers and sustainable for government finances.”
The NGF chairman explained that ongoing discussions are focused on balancing the need to boost workers’ purchasing power with the capacity of governments to deliver essential public services and development projects.
“The goal is to improve the living conditions of workers while ensuring that states can continue to meet their obligations and sustain projects that directly impact citizens,” he added.
The proposed N100,000 minimum wage is expected to intensify national debates on salaries, inflation, and broader economic reforms as Nigerians continue to contend with rising food prices, transportation costs, and other living expenses.
Currently, Nigeria’s statutory minimum wage stands at N70,000 per month. Some states, including Lagos, Rivers, and Imo, are already paying above the national benchmark to support workers amid the country’s economic challenges.
Meanwhile, the Nigeria Labour Congress (NLC) has continued to call for a comprehensive review of salaries, insisting that workers deserve a living wage that reflects present-day economic realities rather than merely guaranteeing survival.
-
Politics1 week agoAlli, Folarin, Adedeji, Oseni, Dare Named to APC Ekiti Re-election Campaign Team
-
Politics1 week ago
2027: Sowore Declares War on Corruption, Clinches AAC Presidential Ticket
-
News1 week ago
Teachers, CSOs Storm Ibadan, Demand Rescue of Abducted Pupils, Teachers
-
Metro7 days ago
OGUN KIDNAP CRACKDOWN: Seriki Fulani held as police recover ransom bag, sons flee
