Thursday, 19 July, 2018


U.S. jobs growth stronger than expected

Dollar falls after U.S. nonfarm payrolls report, tariffs kick in U.S. jobs growth stronger than expected
Conrad Doyle | 07 July, 2018, 08:50

USA employers kept up a brisk hiring pace in June by adding 213,000 jobs, a sign of confidence in the economy despite the start of a potentially punishing trade war with China.

The goods-producing sector added 46,600 positions in June thanks to job-creation boosts in construction, natural resources and manufacturing.

Job gains beat expectations in June as 213,000 jobs were added to the economy during the month, while the unemployment rate unexpectedly rose to 4%.

Canada has been producing some of the strongest pay gains in years and that trend continued in June with average hourly wages up 3.6 per cent from a year earlier.

The job growth shows the labour market shrugging off worries about a slowdown triggered by trade fights or rising borrowing costs. Revised figures for April and May bring the monthly average for this year to 214,000 jobs-up from 182,000 the year before.

Policymakers at the Federal Reserve, the USA central bank, monitor the report because they can raise interest rates when employment is close to full, wages are rising healthily and unemployment is low. On Thursday, Trump floated the prospect of imposing tariffs on more than $500 billion in Chinese imports.

Major U.S. stock indexes were mostly higher Friday after the jobs report was issued, keeping the market on track for a weekly gain after two weeks of losses. The labor force participation rate, or the number of people who are actively employed or looking for work, rose to 62.9% from 62.7%.

Here's what the latest report means for American workers and the U.S economy as we approach the second half of 2018.

The local jobless rate increased to 5.5 per cent in June. And as executives say they can not find enough qualified workers, many are turning to hiring people who are now incarcerated or people with disabilities. Housing starts have climbed 11 percent so far this year.

The previous record was 4.8% back in 1973.

It would also be important to watch secondary indicators of employment that are not as impressive as the headline unemployment rate, such as the share of people who are working part-time but would prefer full-time jobs. Automakers added 12,000 jobs in June.

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