Economy

US adds a solid 213000 jobs; unemployment up to 4 pct

US adds a solid 213000 jobs; unemployment up to 4 pct”

Bureau of Labor Statistics data showed that the United States added 213,000 jobs, with additions across multiple sectors.

At the same time, the unemployment rate rose to 4 per cent from 3.8 per cent, the government said Friday, as more people began looking for a job and not all of them found one. The average hourly wage has increased by just 2.7 percent in the past year.

The job growth shows the labour market shrugging off worries about a slowdown triggered by trade fights or rising borrowing costs.

In a note to clients ahead of the report, Spencer Hill, an economist at Goldman Sachs, said he expected the unemployment rate will fall to 3.7% after being rounded down, a level that would send the headline unemployment rate to its lowest level since 1969.

"Combined with additional jobs and steady hours, payrolls are up by 5 percent since June 2017".

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 broader USA economy appears sturdy. But retailers shed 21,600 jobs, with the losses concentrated at general merchandise stores.

Gross domestic product estimates for the April-June period are above a 4 per cent annualized rate, double the 2.0 per cent pace logged in the first quarter. The agency says more people were seeking job opportunities and that forced the rate up to 6%. Housing starts have climbed 11 percent so far this year.

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 economy also faces a substantial threat from the trade tension with China and from other trade disputes with US allies, including Canada and Europe. Restaurants added 16,400 jobs in June, under the average of 18,400 over the year.

Not all of those who re-entered the market were able to find jobs, which contributed to the uptick in the unemployment rate.



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