Job growth remains steady, but jobless rate ticks higher

The U.S. economy added 213,000 jobs in June, as unemployment rose to 4 percent

The U.S. economy added 213,000 jobs in June, as unemployment rose to 4 percent

The unemployment rate jumped from 3.8%, the lowest since 2000, to 4% because more people joined the labor force to look for work.

The labour force growth is likely to be welcomed by the Bank of Canada, which has been arguing that pockets of untapped market slack remain that could limit wage and price pressures. And three cities (Provo, Orem and Saint George) were named among the 10 best places for working parents in a recent SmartAsset report for being safe, affordable and boasting shorter commutes and higher graduation rates.

Manufacturing added 36,000 jobs, the most since December.

For Catherine Barrera, who works as the Chief Economist for online job site ZipRecruiter, reportedly said the labor force numbers quelled her concern about the unemployment figure.

Average hourly earnings are expected to have increased by 0.3% month-on-month and 2.8% compared to June 2017. Employers kept hiring even as fears grew of a global trade war.

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Donald believes Poloz won't be knocked off his economic outlook by trade uncertainties because he has communicated that they largely remain hypotheticals at this point. The US central bank increased interest rates last month for the second time this year and has projected two more rate hikes by year end. The increase was driven by 284,100 new full-time positions.

For workers, a hot job market is a good thing, resulting in what so far have been modest increases in wages. "However, the ongoing trade war with China and our allies could hurt investment spending and hold back job and wage gains". The agency's Bureau of Labor Statistics issued its monthly look at the employment situation in the USA, showing a rebound in the legal services sector after more tepid results in May. Economists expect inflation will hover around its target because of labour market tightness.

"It remains to be seen if a rebound in the private sector will occur given growing trade uncertainties". Retailers, however, cut 22,000 jobs as the sector continues to grapple with a shift from physical stores to online shopping.

The job tally, nonetheless, shows the sustained prowess of the economy, which has now maintained 9 years of expansion, the second longest period on record. It was also recently named the second-best state to raise a family in the 2018 Kids Count report published by the Annie E. Casey Foundation for featuring affordable housing and good schools.

TD senior economist Brian DePratto wrote in a note Friday that the "employment mix could have been a bit healthier, but it certainly could have been worse too". An acceleration of this rate would have shown that employers were indeed paying up for the skilled workers they say are in decreasing supply.

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