The rise in the USA unemployment rate isn’t bad news

Here comes the jobs report...

For instance, Hispanic unemployment is at a new low, according to the Bureau of Labor Statistics.

The look ahead: "Ignore the uptick in the unemployment rate that stems from the rising labor force".

For the fourth consecutive month, Montreal had a lower unemployment rate than Toronto in June.

The US economy created a higher-than-expected 213,000 jobs last month, official figures show.

The unemployment rate rose to 4.0 per cent from an 18-year low of 3.8 per cent in June as more people entered the labour force in a sign of confidence in the jobs market. The Wall Street Journal credited new manufacturing with the positive news. What might be different now is the other aspects appear to be picking up steam.

Both CNBC and CNN praised the numbers. That was the first increase in the jobless rate in 10 months.

By the way, markets were thankful that this time Trump did not send a tweet before the report was released.

The growing optimism that people can find work suggested that the 9-year old US economic expansion - the second-longest on record - has the momentum to keep chugging along.

Manufacturers and services firms have said in recent surveys that their business is improving despite anxiety about the tariff showdown.

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.

Yet the tax cuts have done little to generate substantial pay growth.

Businesses hired robustly in June despite threats of trade tensions. Any escalation in the conflict with China could disrupt hiring as companies grapple with higher import prices and diminished demand for their exports.

The Trump administration has also applied tariffs on steel and aluminum from allies like Canada and Mexico and has threatened to abandon the North American Free Trade Agreement. The public sector gained 11,800 jobs and the private sector lost 2,000.

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