Tuesday, 17 July, 2018

Wall Street rebounds after federal jobs report shows continued wage stagnation

The U.S. economy added 213,000 jobs in June, as unemployment rose to 4 percent US jobs growth stronger than expected
Laurie Berry | 08 July, 2018, 22:29

Some 213,000 jobs were added, the Labor Department reported Friday, making for the second month in a row with figures above 200,000.

Jobs data from June shows that employers added 213,000 jobs in June.

The Bureau of Labor Statistics is set to release the June jobs report at 8:30 a.m. ET.

Faster wage growth would have also indicated that inflation was building in the economy, which hasn't strongly been the case even though unemployment is low.

Regina, Saskatchewan has a higher unemployment rate than Windsor, but may actually have more people working. As executives say they can not find enough qualified workers, some are turning to hiring people who are incarcerated or people with disabilities. With the job market expanding and new workers flooding in, some employers may not feel pressure to hike wages for their employees. As such, job creation was well ahead of the 195,000 consensus forecast, so the report really underlines the strength of the United States economy right now.

"This is a good job-creation number, but on the other hand we see still continued soft wage growth", said Michael Feroli, chief USA economist at JPMorgan Chase. That was the first increase in the jobless rate in 10 months.

Signs of the Trump administration's trade war with China and did not show up in the report.

While the sunny outlook led Federal Reserve officials last month to boost the number of interest-rate hikes they expect in 2018, an intensifying trade war threatens to sap economic momentum, and a shrinking pool of qualified workers may slow the pace of employment gains.

Brazil vs. Belgium - Football Match Report
Fernandinho turned a corner into his own net to put Belgium in front, with a superb counter-attack extending their advantage. Fernandinho of Brazil is challenged by Nacer Chadli of Belgium during the World Cup quarterfinal.

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's the 93rd consecutive month of job gains, an impressively long and strong stretch of growth.

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. The participation rate, or share of working-age people in the labour force, increased to 62.9 per cent from 62.7 per cent the prior month.

The economy has added jobs every month for nearly eight years, the longest streak on record. The average hourly wage has increased by just 2.7 percent in the a year ago.

The economy also faces a substantial threat from the trade tension with China and from other trade disputes with US allies, including Canada and Europe.

Manufacturing added 36,000 jobs, the most since December.

One notable weak spot was the retail sector which lost 22,000 jobs in the month. The unemployment rate rose to 4 percent, the Labor Department said June 6.

"Protected industries are increasing production until the bite of tariffs on margins hits while threatened industries are scrambling to get ahead of tariffs", Diane Swonk, chief economist of Grant Thornton said.

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