5 important takeaways from the June jobs report

07 July, 2018, 07:44 | Author: Brooke Harris

The U.S. economy added 213,000 jobs in June while the unemployment rate rose to 4%, according to the latest figures from the Bureau of Labor Statistics. Revised figures for April and May bring the monthly average for this year to 214,000 jobs-up from 182,000 the year before.

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.

Average hourly earnings rose five cents, or 0.2 percent in June after increasing 0.3 percent in May.

This includes over 5,000 new positions in computer and electronic products, 7,000 jobs in fabricated metals, and over 12,000 jobs in motor vehicles and parts.

The unemployment rate moved up last month despite the addition of new jobs because almost 76,000 more people entered the workforce. This suggests renewed economic optimism among less-skilled or less-educated workers.

Despite the small bump in unemployment, a decade of steady job growth following the Great Recession has pushed unemployment to the lowest level in decades. Experts predict the move even though the economy is facing significant uncertainty from Canada's intensifying trade dispute with the United States as well as growing fears of a global trade war.

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President Donald Trump and Republicans are running on a growing economy going into the 2018 midterm elections, especially since Trump signed the Republican tax reform plan into law at the end of 2017.

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

By industry, June was another strong month for the manufacturing sector, which added 36,000 jobs during the month after adding about half that number in May.

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. But retailers cut 21,600 jobs last month, after boosting payrolls by 25,100 in May.

The broader USA economy appears sturdy.

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