nsucurrent.com March 20, 2018

July Canadian Employment Rose 10900, Neutral Monetary Policy Implications

05 August 2017, 12:25 | Ruby West

Here's your full preview of the upcoming jobs report

Screen Shot 2017 08 03

Economists had forecast a 12,500 increase in employment for July, and a $1.25-billion June trade deficit.

The unemployment rate for all Americans declined from 4.4 percent in June to 4.3 percent in July, which is the lowest level seen in 16 years. "The downtick in the unemployment rate amid a rise in the labor force participation rate sweetened the report".

In raw numbers, the United States has added 16 million net jobs over the last seven years, about twice the number of jobs lost during the recession, according Labor Department figures.

The number of people overall in the workforce increased by 400.

Ambulatory healthcare services showed the biggest employment growth in the industry in July, adding 30,000 jobs.

Average hourly earnings month-on-month: +0.3%.

Average hourly earnings rose by 9 cents to $26.36 in July. The so-called U-6 figure includes part-time workers who'd prefer a full-time position and people who want a job but aren't actively looking.

July's unemployment rate matches a 16-year low, which is good news for the US economy because it means more Americans are working and spending.

The number of long-term unemployed-jobless for 27 weeks or more-rose slightly to 1.8 million and accounts for 25.9 percent of the unemployed. One reason that's not happening may be that employers are hiring workers who were left behind during the recession and are happy to be finding jobs at all. "It's worth paying those higher wages", Eric Rosengren, president of the Federal Reserve Bank of Boston, said in a interview this week.

With the labor market continuing to make steady improvements, talk has cropped up about the economy approaching full employment - but that's far from the case for teenagers. "Both job and wage growth are strongest in lower-wage industries".

July's job gains came across the board.

Growth in Americans' paychecks, however, remains stubbornly slow. Over the past three months, job gains have averaged 195,000 per month.

NPR's Chris Arnold says that "this latest report suggests that the US economy is in pretty good shape". And that's why we draw attention to the trend-which is certainly good for jobs, with the unemployment rate dropping to 6.3 per cent in July, the lowest since before the Great Recession. Amazon this week held a series of job fairs to hire about 50,000 workers.

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