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US Jobs Report: Mining Adds 5000 Jobs in June

08 July 2018

According to the latest BLS report, the leisure and hospitality sector added 25,000 jobs in the month of June, up 261,000 from the same time past year.

Job growth was widespread across the economy with solid gains in business, health care, construction and manufacturing.

As unemployment rose slightly to 4.0 percent, the closely-watched labor force participation rate also edged higher to 62.9 percent, while the number of people counted as unemployed rose to 6.6 million people, up almost a half million.

May's figure is now being estimated higher by +37,000 vis à vis what was reported for May a month ago. Moreover, the increased borrowing costs could lead to dampening of economic activity.

"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", she said.

Canada received a dose of new jobs last month, maintained sturdy wage growth and saw more people searching for work - all seen as positives by experts who believe the path is clear for the central bank to raise interest rates next week.

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.

On the same day that the Trump administration began imposing tariffs on $34 billion in Chinese imports and Beijing hit back with tariffs on the same amount of US goods, the job gain showed that the 9-year old USA economic expansion - the second-longest on record - remains on firm footing.

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The moderate wage growth should allay fears of a strong build-up in inflation pressures.

"Retail" hiring, however, was down in the dumps, -22,000 jobs.

President Donald Trump has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what he says is unfair competition from foreign manufacturers.

What about tariffs? On Friday, the US formally imposed an additional $34 million in tariffs on China.

Savings from the tax cuts enabled companies in the Standard & Poor's 500 stock index to buy back a record number of shares in the first three months of 2018. Prices for longer-dated U.S. Treasuries rose.

After revisions, job gains averaged 211,000 over the past three months, as the job market was approaching full employment. Some recent reports have suggested that businesses can't find qualified workers at the wages they're offering - but this report "did not have any evidence to back up those claims", said Elise Gould, a senior economist with the Economic Policy Institute. Strong annual wage growth would offer confirmation that inflation pressures are building.

In April, there were up to 6.7 million job openings in the United States; the number was more than the people who were unemployed but were seeking unemployment.

Although the report for June was far from uniformly strong, it will reinforce the perception that the US will continue to outpace other countries and should be able to navigate trade policy uncertainties as long as they don't lead to a full-blown global trade war. There were gains in professional and business services employment as well as leisure and hospitality.

US Jobs Report: Mining Adds 5000 Jobs in June