The monthly jobs report for June, released Friday, is further evidence that this indicator has become more than just a snapshot of the health of a key part of the US economy and the outlook for monetary policy.
May's figure is now being estimated higher by +37,000 vis à vis what was reported for May a month ago.
Following these revisions, job growth in America has averaged 211,000 over the last three months - which is in line with what is needed to sustain a growing population.
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Economists have estimated that 195,000 jobs were added last month and that the unemployment rate remained at an 18-year low of 3.8 per cent, according to data provider FactSet. Manufacturing and professional and business services saw gains, with 36,000 and 50,000 jobs added, respectively. Construction payrolls likely increased after rising by 25,000 in May.
Wage growth continues to be sluggish: Not all the June data were encouraging. The job market is so good, many people who had previously given up looking are starting again. The U.S. central bank increased interest rates last month for the second time this year and has projected two more rate hikes by year end. Most economists say they still think the low unemployment rate will eventually force more employers to offer higher pay in order to fill jobs. At more than 1.141 million people employed in the industry in June, the legal jobs figures edged outside of a range that has prevailed since December 2016.
The report showed that Canada's trade surplus with the US 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.
The increase in the unemployment rate came due to a rise in the labor force participation rate, which increased 0.2 percentage points to 62.9%. It is expected to hover around its target for a while, in part because of labor market tightness.
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But there is a matter about which the Chairman of the Fed, Jerome Powell, is beginning to express concern, the threat from an escalating tariff "war". The unemployment rate rose to 4 percent.
The U.S. economy faces potential drags going forward, including escalating trade disputes with major trading partners such as the European Union, China, Canada and Mexico.
Businesses hired robustly in June despite threats of trade tensions.
Amid news of May's record-low unemployment rate, House Minority Leader Nancy Pelosi (D-Calif.) shifted attention to allegedly stagnant wage growth under Trump.
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