Bloomberg News/Landov Businesses can’t find enough talent to fill a record number of job openings, but they are still hiring aggressively.
The numbers: The U.S. created 213,000 new jobs in June, another hearty gain that shows companies are finding ways to fill open jobs despite a dwindling pool of skilled workers.
The gain in hiring topped the 200,000 forecast of economists polled by MarketWatch.
In a surprise, the unemployment rate rose to 4% from 3.8%, the Labor Department said Friday. The number of people who were unemployed grew by half a million, an increase that might be tied to the end of the school year.
The shrinking pool of labor is slowly forcing companies to raise pay as the competition for talent intensifies, but they are still managing to keep labor costs down.
Hourly wages rose 5 cents, or 0.2%, to $26.98. Yet the yearly rate of pay increases was unchanged at 2.7%.
What happened: White-collar professional firms filled 50,000 jobs last month to lead the way in hiring. Manufacturers added 36,000 jobs, health-care providers beefed up payrolls by 25,000 and construction companies hired 13,000 new workers.
The only segments of the economy to reduce employment was retail. Companies shed 22,000 jobs after hiring 25,000 workers in the prior month.
Adding to the bright picture, the government raised the number of new jobs created in May and April by a combined 37,000.
Big picture: Many things are going right for the economy and the labor market is at the forefront. Rising sales are cajoling businesses to try to fill a record number of job openings.
The problem is finding enough talent, especially with so many baby boomers retiring. The U.S. has added some 19 million