Published: Mon, July 09, 2018
Markets | By Noel Gibbs

The rise in the United States unemployment rate isn’t bad news

The rise in the United States unemployment rate isn’t bad news

Construction added 13,000 jobs, while retail lost 22,000 - nearly all the jobs it had gained the month before.

Employment growth was strong for a second consecutive month in June as the economy added 213,000 jobs despite worker shortages and mounting US trade tensions. He also discusses why he thinks Bank of Canada Governor Stephen Poloz will announce a "dovish hike" next week, and why bond yields have been so low in Canada.

"Professional and business services" (+28,000) is where most of the outsized revision to May's total jobs number (+37,000) originated. Economists are forecasting that economic growth accelerated to an annual pace of roughly 4 percent during the April-June quarter, about double the previous quarter's pace. "There were some people who weren't participating in the labor force who are now being encouraged to return, so I'm not concerned about the uptick in unemployment".

From Table B-3, average hourly earnings were +2.7% year over year in June economy-wide, while average weekly earnings were +3.0%. Housing starts have climbed 11 percent so far this year.

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The central bank raised the benchmark lending rate last month, and is expect to hike twice more this year.

U.S. President Donald Trump's administration began imposing tariffs on 25 percent on $34 billion in Chinese imports, which just recently took effect.

Analysts said the June employment report gave comfort to Federal Reserve officials that steady hiring in the labor market would not trigger too much inflation worry for the moment. The increase was driven by 284,100 new full-time positions. "A disappointing number would not be a sign of weakness, other than in labor supply". The breakdown of the gains however was less rosy - centered around self- employment, part-time work and the public sector.

Several measures showed that the labour market still has slack to absorb.

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This adds to a significant body of research indicating that coffee has positive effects on the heart , liver , brain , and more . But though it annoys us when it flip-flops, science does advance. "Or at least not be bad", said Lichtenstein.


The department's data shows 601,000 new people made a decision to actively look for a job in June, after not seeking a job previously. Among the strongest industries for job growth during the month was manufacturing, which extended a surge in hiring by adding 36,000 jobs even with tariffs in place.

Among the major worker groups, the unemployment rates for adult men (3.7%), adult women (3.7%) and Asians (3.2%) increased in June.

"Let's remember that for some time, the unemployment rate has been below the level typically associated with 'full employment, ' but the relatively robust level of hiring being seen suggests there's more room" for the jobless rate to drop, he added. That was the first increase in the jobless rate in 10 months. The global trade deficit was about $1.9 billion in April and $3.9 billion in March. That's consistent with other reports showing strength in factory activity.

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