The Labor Department reports the US created 222,000 new jobs in June as hiring picked up in the Spring. Economists only expected 180,000 new jobs. The increase was the largest in four months and second biggest of the year. Hiring for April and May were revised upward. The unemployment rate actually increased to 4.4% from 4.3% as more people entered the labor force looking for work. Hourly pay rose 0.2% to $26.25 an hour. Wages have increased only 2.5% in the past year, below the usual gains at this late stage of an expansion as companies continue to find ways to hold down labor costs.
Marketwatch reports Samsung Electronics likely edged past Apple to become the world’s most profitable technology company last quarter. The South Korean tech giant said it expects its operating profit for the quarter ended in June to be a record $12.1 billion, a 72% jump from a year earlier. Apple will likely report an operating profit of $10.6 billion for its latest quarter when it announces results next month, according to estimates from S&P Global Market Intelligence.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
