USA 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

A barista at Coeur d'Alene Coffee Company.

Economists forecast that employers added 195,000 payrolls last month, according to the median estimate compiled by Bloomberg.

Today's figures also showed that the USA unemployment rate rose to 4% from an 18-year low of 3.8% in May as more people entered the labour force in the sign of confidence in the jobs market.

It's the longest streak on record. Yet its path ahead is uncertain.

"Fortunately the economy has a good head of steam going into a period of significant uncertainty in terms of the impact of higher tariffs across a broad range of imports and exports", said Brian Bethune, chief economist at Alpha Economic Foresights in Boston.

Last month, USA employers added 213,000 jobs, exceeding already high expectations of 195,000.

Minutes of the Fed's June 12-13 policy meeting published on Thursday offered an upbeat assessment of the labor market.

The June jobs report is out and it's a beat.

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"America is open for business, more than it has ever been open for business", stated President Trump.

But wage growth is still weak - an increase of just 5 cents an hour in June.

Job gains of 213,000 in June topped projections, Labour Department figures showed yesterday.

The labour force growth is likely to be welcomed by the Bank of Canada, which has been arguing that pockets of untapped market slack remain that could limit wage and price pressures. But significant pay gains have yet to emerge in the economic data. "We can take a little bit of a trade skirmish, but not a full-blow trade war", Swonk said. With the job market expanding and new workers flooding in, some employers may not feel pressure to hike wages for their employees. The unemployment rate nevertheless saw a small uptick.

Manufacturers added 36,000 jobs last month; the education and health sector added 54,000. But retailers shed 21,600 jobs, with the losses concentrated at general merchandise stores.

In addition to June's surprise jump, the Bureau of Labor Statistics revised April's count up from 159,000 to 175,000 and May's from 223,000 to 244,000, a total of 37,000 more than initially stated. Initially, the agency showed a decline in May of 200 jobs as compared with the prior month. There are also growing fears of global disruptions as a trade fight escalates between the USA and China. Economists are forecasting that economic growth accelerated to an annual pace of roughly 4 per cent during the April-June quarter, about double the previous quarter's pace.

This suggests that these 600,000 newly available workers can quickly find work if they have the right skills and that the unemployment rate will very swiftly fall back.

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