News Worms
News Worms


US Adds 209000 Jobs In July; Unemployment 4.3%

US Adds 209000 Jobs In July; Unemployment 4.3%

The Canadian economy added almost 11,000 jobs in July, the eighth consecutive month of growth, as the unemployment rate fell to its lowest point in almost nine years, Statistics Canada said Friday. In July, the unemployment rates for adult men (4.0 percent), adult women (4.0 percent), teenagers (13.2 percent), Asians (3.8 percent), blacks (7.4 percent), and whites (3.8 percent) showed little or no change. The number of working men aged 55 and older increased by 69,000 from 2016.

"The figures moved in tandem with the traditional summer season, showing employment gains in restaurants, professional and business services and health care", said George Ratiu, an analyst with the National Association of Realtors. Average hourly earnings for all private, nonfarm employees rose by nine cents to $26.36.

Wages were essentially unchanged this month, but are up 2.5 percent over the past year.

Last month, the economy added 231,000 jobs. While the unemployment rate has lowered steadily for this age group, that doesn't mean that more teenagers are getting jobs.

Kitchener-Waterloo had a good month as the unemployment rate fell to 4.8 per cent down from 5.2 per cent with a gain of jobs and an increase in the labour force. Wage growth should eventually pick up and return to more normal levels as the overall labor market improves. 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.

However, despite the strong job market, the growth in American paychecks remains anemic.

However, that number is offset by a gain of 23-hundred part-time positions.

"It's possible that the average wage isn't the best indicator for how much pressure there is in the market, but that it's an indicator of what types of jobs at the margin we're creating and what types of jobs were losing", said Brian Nick, the chief investment strategist at TIAA Investments. And minimum wage hikes also may prevent young people from getting jobs by effectively pricing them out, since employers will want more skills for the money they pay their staff. But that sector of the labor market, falling under the "leisure and hospitality" industry, has the lowest average weekly wages, according to the Labor Department.

There was also solid job growth in the United States last month with 209,000 jobs added, well above expectations. "More than a quarter of all owners reported raising wages in July, and the pressure was especially high in the construction industry", he said.

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