USA payrolls rise 213,000; wage gains slow, unemployment up

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USA employers added a higher-than-expected 213,000 jobs last month, extending the USA economy's long-running growth streak. Before June's record, the lowest monthly Hispanic-Latino unemployment rate since BLS began tracking the statistic in 1973 was 4.8%.

Department of Labor Secretary Alex Acosta said, "It rose because more people are choosing to re-enter the labor force, to come back". "There were some people who weren't participating in the labor force who are now being encouraged to return, so I'm not concerned about the uptick in unemployment".

Read the full report at CNS News.

It also boosted the US stock indexes, which are expected to reap weekly gains on Friday after 14 days of losses.

Payrolls rose 213,000 after an upwardly revised 244,000 advance, Labor Department figures showed on Friday.

Altogether, 285,000 new jobs have been added in the manufacturing sector in the past year.

Washington is also engaged in fights with other major trade partners, including Canada, Mexico and the European Union after President Donald Trump imposed tariffs on steel and aluminum imports.

The jobs report Friday showed that, compared with a year earlier, overall employment was up 1.2 per cent last month following the creation of 214,900 jobs.

Economists polled by Reuters had forecast nonfarm payrolls increasing by 195,000 jobs last month and the unemployment rate steady at 3.8 percent.

BNN Bloomberg Commentator looks under the hood of the latest Canadian jobs report and explains how the underlying data reveals a less rosy picture for the economy than the headline numbers. A July 4 report by the Organization for Economic Cooperation and Development (OECD) found that among its 26 member countries, average nominal wage growth has slowed from an annual rate of 4.8 percent before the crash to just 2.1 percent.

The professional and business services sector added 50,000 new positions. Wages increased by 0.2 percent from May to June of this year, and 2.7 percent since June 2017.

Jim O'Sullivan, chief USA economist at High Frequency Economics, said gains have averaged 215,000 month so far this year, up from 182,000 "more than strong enough to keep the unemployment rate trending down over time". The Federal Reserve on Thursday reported some businesses had already scaled back or postponed planned investment due to the trade struggles, and warned that many more promise to do more if the spats continue to escalate.

Large companies are also starting to feel the effects of steel and aluminum tariffs. The average work week for all private employees was unchanged at 34.5 hours.

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