Another strong jobs report. Here's why unemployment jumped
08 July, 2018, 17:54
The Labor Department reported Friday that employers added 213,000 new jobs last month, the second straight month that job growth has topped 200,000 despite indications that the U.S.is at or near full employment. The Labor Department also revised its estimates for job growth in May, going from a previous estimate of 233,000 new jobs to 244,000 jobs new jobs.
For employers, however, a hot job market is costly. "Business' number one problem is finding qualified workers", says Moody's chief economist Mark Zandi.
Still, Satyam Panday of S&P Global Ratings summarized the view of economists that "Despite simmering trade tensions, hiring in the United States continues to stay strong".
What about tariffs? On Friday, the USA formally imposed an additional $34 million in tariffs on China. The category, which includes computer systems designers, engineers, consultants and administrative staff, added 50,000 jobs during a robust month of hiring. The rise in the unemployment rate was also "healthy" because it reflected an uptick in the labor participation rate (to 62.9 percent from 62.7 percent), raising hopes that the labor force can overcome some of its structural headwinds.
Expressed another way, the monthly average jobs jump in first-half of 2018 has been +17% compared with the first-half of 2017.
Still, average hourly pay rose just 2.7 per cent in June from 12 months earlier, meaning that after adjusting for inflation, wages remain almost flat. That kept the annual increase in average hourly earnings at 2.7 percent.
Employers in the United States are thought to have kept up their brisk pace of hiring in June, reflecting the durability of the second-longest US economic expansion on record even in the face of a trade war with China. It increases pressure to raise wages, and even curbs business growth if there are not enough people to do the work. "It indicates that we have more labor market slack". "However, the ongoing trade war with China and our allies could hurt investment spending and hold back job and wage gains".
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The US economy created a higher-than-expected 213,000 jobs last month, official figures show. Automakers added 12,000 jobs in June. The central bank could stick to its plan to gradually increase interest rates.
Overall, unemployment inched up to 4 percent last month, largely due to the expanding pool of people actively seeking jobs.
But the Trump administration's "America First" trade policy, is casting a pall over the outlook for the rest of the year and into 2019.
A CNBC panel called the report "great", "as good as it gets", and "steady as she goes". "Unequivocally, this is a nightmare situation". Manufacturing led the way with an increase of 36,000 jobs, 12,000 of which were in autos.
Regina, Saskatchewan has a higher unemployment rate than Windsor, but may actually have more people working. According to the BLS, the sector lost approximately 500 jobs in June, the latest month for which data is available. Restaurants added 16,400 jobs in June, under the average of 18,400 over the year.
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