Canada adds 31,800 jobs in June

Share

US employers kept up a brisk hiring pace in June by adding 213,000 jobs, a sign of confidence in the economy despite the start of a potentially punishing trade war with China.

The report showed that Canada's trade surplus with the USA 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 unemployment rate rose to 4.0 per cent from an 18-year low of 3.8 per cent in June as more people entered the labour force in a sign of confidence in the jobs market. That kept the annual increase in average hourly earnings at 2.7 per cent.

The dollar extended losses against the euro and the yen after the employment report.

Economists had forecast that June would be another strong month for the USA labor market, with nonfarm payrolls expected to have grown by 195,000 during the month with the unemployment rate expected to hold steady at an 18-year low of 3.8%, according to estimates compiled by Bloomberg. Economists surveyed by Bloomberg News had projected the unemployment rate would remain unchanged at 5.8 per cent, which matched the lowest on record. In the chart below, we show two versions of the unemployment rate.

Payroll growth in May was revised up to 244,000 from 223,000 in yesterday's report. Experts predict the move even though the economy is facing significant uncertainty from Canada's intensifying trade dispute with the United States as well as growing fears of a global trade war. "This generates a rising standard of living and strong income growth".

The broader USA economy appears sturdy. Professional and business services, manufacturing, health care, construction, and mining all added jobs in June. The U.S. and China slapped tit-for-tat duties on $34 billion worth of the other's imports on Friday.

The decline in the unemployment rate was driven by an increase in employment; the region added slightly over 10,000 jobs between May and June, according to the federal statistics agency.

Share

Advertisement

Related Posts

MoviePass Will Now Charge 'Peak Pricing' Rates for Popular Movies and Showtimes
MoviePass also shared that it will integrate Peak Pass, a once-a-month freebie for members to waive the peak fee. And that movie, while one of the summer's biggest blockbusters, has been out for more than two months already.

Miami Heat Interested in Acquiring Carmelo Anthony
If the Lakers acquired him via trade, they'd have an expiring contract ahead of the 2019 summer - presumably for Kawhi Leonard. Before the start of free agency, Anthony opted into the final year of his contract and the $27.9 million that comes with it.

Tensions spike between U.K., Russian Federation over nerve agent case
Russian Federation responded by accusing Britain of playing "dirty political games" and said London would have to apologise. Moscow denied any involvement and suggested Britain had carried out the attack to stoke anti-Russian hysteria.

Pompeo to leave for N. Korea Thursday for talks on denuclearization
The short joint statement did not define how that would be achieved or say when the process would begin or how long it might take. Heather Nauert made the comment on Tuesday ahead of Secretary of State Mike Pompeo's visit to Pyongyang later in the week.

Elon Musk Sends SpaceX Engineers to Save Trapped Thai Soccer Team
The members of the Wild Boar soccer team were reported missing on June 23 when they didn't return from an outing after practice. Former Thai Navy SEAL Samarn Kunan died trying to get oxygen to the group, which just how unsafe getting them out would be.

Malaysian PM Mahathir to discuss China mega-projects on August visit
Lim has said the project's final cost included land acquisition, interest, fees and other operational costs. The indefinite suspension could cause additional costs, losses and damages, the company said.

UMC recieves favourable ruling in Chinese patent dispute
If the judgment is enforced in the future, Micron will be prohibited from selling some of its memory products in China. The country is the world's largest market for chips but China's homegrown suppliers are dwarfed by American rivals.

Ibrahimovic Tips Sweden For World Cup Glory
Sweden lags as a +370 bet on Saturday's World Cup odds , and are also pegged as distant +2500 longshots on the championships odds. So if they can defend very well they will be very good with counter-attacks and they can beat more or less anyone that way.

Hawaii bans sunscreens harmful to marine life
In the meantime, the state will continue other conservation efforts such as fighting land runoff, pollution, and invasive species. However, critics say there is not enough evidence to support the claim that the chemicals are bad for coral reefs .

Tony Parker Agrees To Two-Year, $10M Deal With Hornets
Parker told ESPN following the departure he never felt any tension with his former teammate. Parker wants to play at least 20 years in the National Basketball Association .

© 2015 ExpressNewsline. All Rights reserved.