Jobs Numbers: U.S. Adds 213,000 in June 2018

Jobs Numbers: U.S. Adds 213,000 in June 2018

Jobs Numbers: U.S. Adds 213,000 in June 2018

The Bureau of Labor Statistics reported the economy added 213,000 jobs in June.

Toronto saw its unemployment rate rise by 0.1 of a percentage point to 6.4 per cent, while Vancouver's unemployment rate was 4.6 per cent during the month.

One area that remains sluggish is wage growth, which grew 2.7% when compared with the same period past year.

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Despite the low unemployment and struggles to find workers, companies still appear hesitant to significantly raise pay in many industries.

The increased participation combined with a lack of accelerating wage growth during June indicates a labor market that still has enough slack remaining to pull in new workers who had been disengaged from the workforce.

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. On Thursday, Trump floated the prospect of imposing tariffs on more than $500 billion in Chinese imports. Economists are forecasting that economic growth accelerated to an annual pace of roughly 4 per cent during the April-June quarter, about double the previous quarter's pace.

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Major trade partners, including China, Canada, Mexico and the European Union, have retaliated with their own tariffs.

The manufacturing sector helped power the gains, adding 36,000 jobs, but the retail sector shed 22,000 positions.

What about tariffs? On Friday, the US formally imposed an additional $34 million in tariffs on China. "This generates a rising standard of living and strong income growth". The manufacturing sector buzzed with activity last month, and spending on construction rose. But retailers shed 21,600 jobs, with the losses concentrated at general merchandise stores.

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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. That followed an increase of 5,000 jobs in May.

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