Wednesday, 19 September, 2018

USA jobs report shows room to run as trade war threatens gains

Economy adds 213K jobs in June unemployment ticks up to 4 percent Getty Images
Orlando Vargas | 08 July, 2018, 22:28

The Bureau of Labor Statistics released a report Friday, showing 36,000 manufacturing jobs were created last month.

The department's data shows 601,000 new people made a decision to actively look for a job in June, after not seeking a job previously.

Wage growth is barely keeping ahead of inflation, which is firming up as the economy strengthens. The unemployment rate nevertheless saw a small uptick. "Aside from the immediate job market impacts, the trade disputes risk raising prices for consumers hurting their purchasing power, which then reinforces the dampening impact on the job market", Hamrick added.

The latest jobs report, which also contained weaker data points, arrived less than a week before the Bank of Canada's upcoming interest-rate decision next Wednesday.

"I'm really excited to see that the labor force is growing", said Catherine Barrera, chief economist of the online job site ZipRecruiter. That's an increase in total employment of a quarter of a million jobs.

President Donald Trump has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what he says is unfair competition from foreign manufacturers.

Construction payrolls rose by 13,000 last month after increasing by 29,000 jobs in May.

At least 17 deaths in Quebec attributed to heat
While hot weather is expected to remain in Quebec next week, Serge Mainville of Environment Canada says it will be a dry heat. Environment Canada lifted heat warnings Friday, despite expectations that temperatures will once again rise early next week.


Man who questioned black family's use of community pool loses job
"If she has a card to get into the pool, I believe that should be enough", a Winston-Salem police officer says in the clip. Sonoco chiefs said they had fired Bloom because their company can not condone discrimination in or out of the workplace.


China Cancels U.S. Soybean Purchases as Trade War Takes Hold
Retaliatory measures by China also include taxes on imports of a variety of United States dairy products. In addition to the $US16b under consultation, Mr Trump has flagged there could be more tariffs in store.


The result of these policies in the US and internationally has been a steep decline in the social position of the working class and a precipitous rise in social inequality, with over 90 percent of income gains going to the top 10 percent of households in the United States over this period. After revisions, job gains have averaged 211,000 per month over the past three months.

Average hourly earnings of private-sector workers rose 2.7 percent in June from a year ago, in line with recent monthly readings, suggesting that wage growth remains modest.

But in fact more people entering the workforce is a sign of optimism that jobs are available in an economy now entering its 10th year of expansion. That tepid increase to an average of $26.98 per hour, however, is due to the disproportionately high number of positions filled by job seekers with high-school diplomas, who generally receive lower wages.

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

For many, the jobs numbers helped reinforce their predictions.

"Overall, this "not too hot, not too cold" report supports our call for four Fed rate hikes in total this year", Gregory Daco, head of United States macroeconomics at Oxford Economics in NY, said in a note.

The labour force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose to 62.9% last month from 62.7% in May. The breakdown of the gains however was less rosy - centered around self- employment, part-time work and the public sector.

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