U.S. adds 213,000 jobs in June, unemployment rate jumps…

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

The participation rate, or share of working-age people in the labor force, increased to 62.9 per cent from 62.7 per cent the prior month.

The unemployment rate rose to 4 percent, the Labor Department said June 6.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, rose to 7.8 percent last month from a 17-year low of 7.6 percent in May.

Job openings are at record highs, meaning numerous job seekers are likely to find employment soon.

"This report was more than enough to seal the deal on a July rate hike from the Bank of Canada", said Frances Donald, a senior economist with Manulife Asset Management. "It indicates that we have more labor market slack".

Market participants are expecting that the central bank will raise rates again in September and then hike in December. The number, however, did come down from its nine-year high in May of 3.9 per cent.

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Yet the monthly figures landed the same day as President Donald Trump intensified a global trade war with USA levies on US$34 billion (RM137.36 billion) of Chinese goods, spurring retaliatory tariffs.

The economy added 213,000 jobs in June and BLS also revised up employment growth for April (159,000 to 175,000) and May (223,000 to 244,000) expanding the number of employed by 2.4 million over the past year.

Compared with a year earlier, overall employment was up 1.2 per cent following the creation of 214,900 jobs, which was driven by 284,100 new full-time positions. The department does not count people in the unemployment total unless they are actively seeking work. For the construction sector on its own, the average hourly and weekly gains, as recorded in B-3, were a bit faster, at +2.9% and +3.5% respectively. But with a record 6.7 million unfilled jobs in April, economists are confident that wage growth will accelerate later this year.

The employment-population ratio, another broad measure of labor- market health, was unchanged at 60.4 percent.

"It remains to be seen if a rebound in the private sector will occur given growing trade uncertainties". Since reaching a recent low in October 2016, the industry has added 95,000 jobs. Hourly wages for private, non-farm jobs in the USA increased by five cents to $26.98 per hour, according to the preliminary BLS data issued Friday.

With such an outlook, the Federal Reserve would most likely shy away from any abrupt funds rate increase, which would benefit markets that rise when bond rates are low. "This is exactly what we wanted to see: marginalized Americans coming back into the labor force".

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"As good trade deals start to roll in, people start to understand how good this is for the economy", Hassett said Friday.

The May numbers show that imports expanded 1.7 per cent, while exports dipped 0.1 per cent.

A worker cuts a piece from a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018.

And within durable goods, hiring was most intense in "motor vehicles and parts", +12,000; "fabricated metal products", +7,000; and "computer and electronic products", +5,000.

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.

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