Dollar falls after USA nonfarm payrolls report, tariffs kick in

Despite the small bump in unemployment, a decade of steady job growth following the Great Recession has pushed unemployment to the lowest level in decades.

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

Before December 2017, the unemployment rate in the region never dipped below six per cent since comparable statistics started being recorded.

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

This includes over 5,000 new positions in computer and electronic products, 7,000 jobs in fabricated metals, and over 12,000 jobs in motor vehicles and parts.

"The tariffs jumble things about what we should expect to see in the next few months", said Cathy Barrera, chief economist at ZipRecruiter, the online jobs marketplace. Revised figures for April and May bring the monthly average for this year to 214,000 jobs-up from 182,000 the year before.

The lack of wage growth is disappointing, but still higher than the rate of inflation, said Douglas Holtz-Eakin, president of the American Action Forum.

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The national jobless rate climbed 0.2% last month.

Manufacturers added 36,000 jobs last month. It had declined for three straight months. Most economists say they still think the low unemployment rate will eventually force more employers to offer higher pay in order to fill jobs.

Gross domestic product estimates for the April-June period are above a 4 per cent annualized rate, double the 2.0 per cent pace logged in the first quarter.

But for now the sector, which accounts for about 12 per cent of the US economy, appears in good health.

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 per cent last month from a 17-year low of 7.6 per cent in May. The Federal Reserve on Thursday reported some businesses had already scaled back or postponed planned investment due to the trade struggles, and warned that many more promise to do more if the spats continue to escalate. "This generates a rising standard of living and strong income growth".

Government payrolls increased by 11,000 jobs in June.

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