Stocks slip on jobs report…224,000 jobs added…Job gains were across the board
NEW YORK (AP) – Stocks are slipping and bond yields are rising in morning trading on Wall Street after the government issued a surprisingly strong jobs report for June. Traders see it as potentially complicating the Federal Reserve’s decision later this month on whether to lower interest rates. Despite the early slide, the market is still on track to end the week with a gain.
WASHINGTON (AP) – Employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy’s durability after more than a decade of expansion. The unemployment rate ticked up to 3.7% in June from 3.6% for the previous two months, reflecting an influx of people seeking jobs who were initially counted as unemployed. Average hourly wages rose 3.1% from a year ago.
WASHINGTON (AP) – The job gains in June were broad. The government sector was a major source of hiring, adding 33,000 jobs. Almost all those gains were at the local level. Immigrants were a key source of workers added over the past year. They accounted for roughly 37% of the job gains while native-born residents made up 63%. Construction companies and manufacturers hiring was substantially higher for June compared to hiring back in May. Hiring by transportation and warehousing companies increased.
UNDATED (AP) – Democratic 2020 presidential hopeful Elizabeth Warren is announcing executive orders she would sign as president aimed at addressing the wage and employment leadership gap for women of color at the federal level. Warren’s plan includes punishing companies with historically poor records on diversity and equality. It’s the latest in a parade of proposals that have become a trademark of Warren’s presidential bid and helped boost her in the primary polls, particularly among black women.
FRANKFURT, Germany (AP) – BMW CEO Harald Krueger (KROO’-gur) is stepping down amid weakening profits at the luxury automaker and pressure to meet challenges from new technologies. Munich-based BMW is facing pressures that are affecting the car industry across the board, including high costs to develop electric vehicles to meet tighter emissions regulations in Europe and China, and investments in autonomous vehicles to compete with tech companies like Waymo and Uber.