Hispanic Unemployment Drops to Historic Low

08 July, 2018, 07:40 | Author: Regina Silva

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 dollar fell to a three-week low against a basket of currencies on the employment report.

FBN's Edward Lawrence breaks down the June jobs report.

The Trump administration has also applied tariffs on steel and aluminum from allies like Canada and Mexico and has threatened to abandon the North American Free Trade Agreement.

Manufacturers hired 36,000 workers in June, the most in six months, adding to the 19,000 jobs created in May.

"Contacts expressed concern about the possible adverse effects of tariffs and other proposed trade restrictions", the Fed said in minutes published Thursday.

The unemployment rate inched up to 4%, the first increase in nearly a year.

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The report showed that Canada's trade surplus with the USA narrowed to $3.3 billion in May, from $3.7 billion April, as more imports headed north across the border and south-bound exports decreased. But with a record 6.7 million unfilled jobs in April, economists are confident that wage growth will accelerate later this year. Some economists project economic output rose at better than 4% annual pace in the second quarter for the first time since 2014.

Economists have warned the tit-for-tat 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.

Payroll growth in May was revised up to 244,000 from 223,000 in yesterday's report.

They expect the manufacturing sector to bear the brunt of the trade fights, through a slowdown in hiring and capital expenditure.

Full-time employment was up by 9,100 By sector, employment in goods producing industries was up by 46,600, the highest since April 2012, led by construction and manufacturing Service producing industries lost 14,700 jobs during the month Self-employment was up by 22,000, with employment in the public sector rising by 11,800. But the average was skewed downward in June because the job seekers were mainly those with only a high school education or less, who are generally paid lower wages, Barrera noted. But for now the sector, which accounts for about 12 per cent of the US economy, appears in good health.

Overall, unemployment inched up to 4 percent last month, largely due to the expanding pool of people actively seeking jobs. But retailers shed 21,600 jobs, with the losses concentrated at general merchandise stores.

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.

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