Booming US jobs market lifts chance of rate rise

Ford trucks rolls of the line at a plan in Ohio

Ford trucks rolls of the line at a plan in Ohio

U.S. employers added a higher-than-expected 213,000 jobs last month, extending the United States economy's long-running growth streak. When a worker enters the labor force after spending a long period of time outside the labor force (that is, extreme long-term unemployment or being outside the labor force for other reasons), they are counted as long-term unemployed (that is, unemployed for 27 weeks or longer, but now looking for work).

The report also found that average hourly wage growth, which is closely watched by the Bank of Canada, remained strong last month at 3.6 per cent.

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

In its report Friday, the government revised up its estimate of job growth in May and April by a combined 37,000.

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.

As IJR previously reported, the economy saw many milestones during Trump's presidency.

The Bureau of Labor Statistics is set to release the June jobs report at 8:30 a.m. ET. Last month, USA employers added 213,000 jobs, exceeding already high expectations of 195,000. But retailers shed 21,600 jobs, with the losses concentrated at general merchandise stores.

The local jobless rate increased to 5.5 per cent in June. The agency says more people were seeking job opportunities and that forced the rate up to 6%.

In June, the unemployment rate for Hispanics and Latinos, aged 16 and up, was 4.6%, down from its May level of 4.9%. Retail sales jumped a strong 0.8 percent in May in a sign that consumers feel secure enough to spend.

Savings from the tax cuts enabled companies in the Standard & Poor's 500 stock index to buy back a record number of shares in the first three months of 2018.

"He pointed to minutes from the June Federal Open Market Committee, which indicate that some business leaders' "'plans for capital spending had been scaled back or postponed, '" which will likely also affect hiring. On Thursday, Trump floated the prospect of imposing tariffs on more than $500 billion in Chinese imports. Restaurants added 16,400 jobs in June, under the average of 18,400 over the year.

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