Saturday, 21 July, 2018

US job growth strong; unemployment rate rises to 4 per cent

Dollar falls after U.S. nonfarm payrolls report, tariffs kick in US job growth strong; unemployment rate rises to 4 per cent
Russell Knight | 06 July, 2018, 22:48

Economists had forecast that June would be another strong month for the USA labor market, with nonfarm payrolls expected to have grown by 195,000 during the month with the unemployment rate expected to hold steady at an 18-year low of 3.8%, according to estimates compiled by Bloomberg.

Still, average hourly pay rose just 2.7 per cent in June from 12 months earlier, meaning that after adjusting for inflation, wages remain almost flat.

In Alberta, the unemployment rate increased to 6.5 per cent of the workforce from 6.2 per cent the previous month.

The unemployment rate ticked up to 4% from 3.8%, but this was because more people entered the labour force looking for work.

The June jobs data showed an economy that may be on the cusp of producing stronger pay growth, something that could be disrupted if additional tariffs are imposed.

Manufacturers added 36,000 jobs last month; the education and health sector added 54,000.

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In May, Edmonton's chief economist, John Rose, said the city's unemployment rate was dropping largely due to gains in construction, manufacturing and professional services. That was the first increase in the jobless rate in 10 months.

Canada's tight jobs market is beginning to bring more workers into the labour force, a trend that if sustained may moderate a recent pick up in wage pressures. Additionally, the Trump administration has drawn attention to the record-low of African American unemployment, even as it remained higher than the overall rate at 5.9%.

Along with the 213,000 jobs added in June, the jobs numbers for April and May were also revised to include 37,000 additional new hires across those months, according to data released Friday by the Bureau of Labor Statistics. It had declined for three months in a row.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, rose to 7.8 per cent last month from a 17-year low of 7.6 per cent in May.

A worker cuts a piece from a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018. It was 14.5 per cent in May, but 15.5 per cent in June. "This generates a rising standard of living and strong income growth". The Federal Reserve on Thursday reported some businesses had already scaled back or postponed planned investment due to the trade struggles, and warned that many more promise to do more if the spats continue to escalate. The public sector gained 11,800 jobs and the private sector lost 2,000.

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