5 important takeaways from the June jobs report

Rather than being an omen of bad things to come, the rise suggests a positive outlook for the USA economy as it coincides with more than 600,000 people entering the labor force. Just hours before the monthly jobs report was released, the Trump administration imposed taxes on $34 billion in Chinese imports, and Beijing hit back with tariffs on the same amount of US goods.

Wage growth is barely keeping ahead of inflation, which is firming up as the economy strengthens. A widespread availability of jobs and the prospect of higher wages at other employers made it harder to retain workers, she said.

Data for April and May was revised to show 37,000 more jobs created than previously reported.

Gross domestic product growth estimates for the April-June period are as high as a 5 percent annualized rate, more than double the 2.0 percent pace logged in the first quarter. It's the 93rd consecutive month of job gains, an impressively long and strong stretch of growth.

But the Trump administration's "America First" trade policy, which has tipped the United States into a trade war with China poses a risk to the labor market and economy.

Canada added 9,100 full-time jobs in June and 22,700 part-time positions, while work in the less-desirable category of self-employment rose by 22,000.

'Limited time' for daring rescue mission to free Thailand's trapped boys
The strategically placed canisters allow divers to stay underwater longer during the five-hour trip to reach the stranded team. The Thai Navy SEALs, who are leading the unsafe operation to get the boys out, posted images of the letters on Facebook.

The June jobs is out and it's a beat. But for now the sector, which accounts for about 12 per cent of the USA economy, appears in good health. But retailers cut 21,600 jobs last month, after boosting payrolls by 25,100 in May. So they helped raise the unemployment rate. The number, however, did come down from its nine-year high in May of 3.9 per cent. Retail sales jumped a strong 0.8 per cent in May in a sign that consumers feel secure enough to spend.

The previous record was 4.8% back in 1973.

"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.

The unemployment rate in Windsor dipped slightly last month, but so too did the labour participation rate. Any escalation in the conflict with China could disrupt hiring as companies grapple with higher import prices and diminished demand for their exports.

President Donald Trump ran for president with a promise of reviving the economy and the results so far look to boost his agenda for the November 6 midterm elections. Prices for US Treasuries rose.

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. Automakers added 12,000 jobs in June.

Latest News