RECORD SMASHED: Hispanic Unemployment Falls to LOWEST LEVEL in US HISTORY

RECORD SMASHED: Hispanic Unemployment Falls to LOWEST LEVEL in US HISTORY

Nonfarm payrolls increased by rose by 213,000 jobs last month, the Labor Department said on Friday.

Revisions to prior reports added a total of 37,000 jobs to payrolls in the previous two months, according to the figures, resulting in a three-month average of 211,000.

The unemployment rate rose to 4.0 percent from an 18-year low of 3.8 percent in June as more people entered the labor force in the sign of confidence in the jobs market. Average hourly earnings rose 0.2 percent from the prior month - less than forecast for the second-straight 0.3 percent gain - while the jobless rate increased to 4 percent from 3.8 percent, the first rise in nearly a year.

The June jobs data showed an economy that may be on the cusp of producing stronger pay growth, something that could be disrupted if additional tariffs are imposed. For the construction sector on its own, the average hourly and weekly gains, as recorded in B-3, were a bit faster, at +2.9% and +3.5% respectively. This was more than the 190,000 forecast by economists. An acceleration of this rate would have shown that employers were indeed paying up for the skilled workers they say are in decreasing supply.

The EPOP for Hispanics rose 0.4 percentage points to 63.4 percent, a new high for the recovery, while their unemployment rate fell to 4.6 percent, the lowest on record.

While manufacturers opened 36,000 new jobs last month and the education and health sectors contributed 54,000 more, retailers shed 21,600 jobs mainly at general merchandise stores.

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"There's definitely still a lot of room for the labour market to absorb the slack", Kevin Hassett, chairman of the White House Council of Economic Advisers, said on Bloomberg Television.

Analysts have been puzzled by the consistency of the modest gain in wages irrespective of the growth. Moreover, some of the other internals, including a rising unemployment rate for African-Americans, highlighted the challenges to more inclusive growth. The number, however, did come down from its nine-year high in May of 3.9 per cent.

Canada's tight jobs market is beginning to bring more workers into the labour force, a trend that if sustained may moderate a recent pick up in wage pressures.

The Fed is also gradually raising interest rates, easing off the extraordinary efforts it took to stimulate the economy after the Great Recession and looking instead to ward off future spikes in inflation.

The report underscores a familiar refrain: There are lots of jobs being created, but not enough people to fill them. That's good news for markets, which tend to rise when bond rates are low. These people ultimately are classified as discouraged workers, who first fall down into a subset of the unemployment statistics (where the unemployment rate is now 7.8 percent in June compared with 7.6 percent in May) until they ultimately disappear completely from the workforce.

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