US job growth underscores economy's strength, tariffs a threat

US job growth underscores economy's strength, tariffs a threat

Think about it. Suddenly, because they feel confident that a job may exist for them, 601,000 people got off the couch and looked for work. 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.

June's moderate wage growth should, for now, allay fears of the economy overheating.

DePratto stressed he didn't see anything in the jobs report to deter Poloz from hiking the rate next week.

For employers, however, a hot job market is costly.

FBN's Edward Lawrence breaks down the June jobs report. Economists expect inflation will hover around its target because of labor market tightness.

Youth unemployment increased to 11.7 per cent last month, up from 11.1 in May.

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.

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Construction continued to trend up last month, adding 13,000 jobs.

USA economist at UniCredit Research in NY. It had declined for three months in a row. "Not only did payroll employment increase by 213,000 - evidence that employers are finding workers - but wage growth held steady at a disappointing 2.7 percent - evidence that employers are not having to raise wages to attract and retain workers". Economists project that the GDP growth will maintain the yearly pace of 4% or even higher in the second quarter.

The U-6 unemployment measure-which includes those who have given up searching for work, are marginally attached to the labor force (due to lack of steady employment), and those who are forced to work part-time but would like to work full-time-also moved up by 0.2 percent to 7.8 percent over May's report.

Average hourly earnings gained five cents, or 0.2 percent in June after increasing 0.3 percent in May.

The Federal Reserve on Thursday reported some businesses had already scaled back or postponed planned investment because of the trade struggles and warned that many more promise to do more if the spats continue to escalate.

"I think that we're seeing the front loading of the fiscal-stimulus impact, which we expected to boost growth this year", Julia Coronado, president of MacroPolicy Perspectives LLC in NY, said on Bloomberg Television.

By industry, June was another strong month for the manufacturing sector, which added 36,000 jobs during the month after adding about half that number in May. Before joining The Washington Post, she was a senior economics reporter at CNN and a columnist and deputy editor at the Patriot-News in Harrisburg, Pa. The rise in the unemployment rate was also "healthy" because it reflected an uptick in the labor participation rate (to 62.9 percent from 62.7 percent), raising hopes that the labor force can overcome some of its structural headwinds.

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