The U.S. economy added 213,000 jobs in June, cueing to the growth momentum employers are capitalizing on, despite mounting concerns of a potential global trade war.
In another sign of vigorous demand for labor, the results for April and May were revised higher by a total of 37,000, bringing the average for the past three months to 211,000.
New entrants, including blue-collar workers and teenagers, shouldn't have much trouble finding a job.
Mining employment continues to trend upward as the US adds thousands of jobs in June. However, fears of a trade war with other countries, especially China, have many anxious the economy could slow down or shrink in the months ahead.
Economists have warned the tit-for-tat import tariffs could disrupt the supply chain, undermine business investment and raise prices for consumers, and wipe out the stimulus from a $1.5 trillion tax cut package that came into effect in January.
The unemployment rate jumped from 3.8%, the lowest since 2000, to 4% because more people joined the labor force to look for work.
Manufacturers added 36,000 jobs last month.
Hassett pointed to the increase in labor force participation for African American women and Hispanic men and women as an encouraging sign that people are being drawn back to work. It's the 93rd consecutive month of job gains, an impressively long and strong stretch of growth.
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.
Despite a relatively tight labor market, wage growth remains stuck in the 2 percent range, with the annual gain of 2.7 percent unchanged from May.
Job growth this year has been faster than in 2017.
Still, if the additional jobs and that sort of wage growth don't make you smile, the rising unemployment rate should. Economists expect inflation will hover around its target because of labor market tightness.
The dollar extended losses against the euro and the yen after the employment report. The U.S. Trade Deficit dropped in May to the lowest level in 19 months as U.S. exports rose to a record level. Stocks on Wall Street were trading higher. Automakers added 12,000 jobs in June.
Employers in the United States are thought to have kept up their brisk pace of hiring in June, reflecting the durability of the second-longest USA economic expansion on record even in the face of a trade war with China. In June, it was 2.7%, staying the same as the previous month, and falling short of economists' expectations.
But the Trump administration's "America First" trade policy, is casting a pall over the outlook for the rest of the year and into 2019.
Here's a piece of good news for USA investors that will largely be buried because of the jobs report. "Unequivocally, this is a nightmare situation".
Regina, Saskatchewan has a higher unemployment rate than Windsor, but may actually have more people working.
Construction added 13,000 jobs, while retail lost 22,000 - nearly all the jobs it had gained the month before.
The big gainers in terms of employment continue to be less-educated workers.
However, the retail sector shed 22,000 jobs.
Specifically, support activities for mining increased by 4,300 for the month of June while jobs in oil and gas extraction decreased by just 200.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This publication has been prepared by ING exclusively for information purposes without regard to any particular user's investment objectives, financial situation, or means.
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