Published: Fri, July 06, 2018
Business | By Kate Woods

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

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

The unemployment rate in the Montreal region dropped 0.4 percentage points from 6.2 per cent in May to 5.8 per cent in June, Statistics Canada said on Friday.

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

Manufacturing and health care added the most jobs in June - hospitals added 11,000 jobs over the course of the month - while the retail industry lost 22,000 positions, a disappointing turn from what had been an encouraging boost in May. An acceleration of this rate would show that employers are indeed paying up for the skilled workers who they say are in decreasing supply. The U.S. central bank increased interest rates last month for the second time this year and has projected two more rate hikes by year end.

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It is unusual for monthly job numbers to be this high nine years into an expansion.

"The solid 213,000 gain in non-farm payrolls in June, which followed an even stronger 244,000 rise in May, illustrates that labor market conditions remain unusually strong", said Andrew Hunter, U.S. economist at Capital Economics.

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.

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Manufacturers added 36,000 jobs last month. Most economists say they still think the low unemployment rate will eventually force more employers to offer higher pay in order to fill jobs. It's the 93rd consecutive month of job gains, an impressively long and strong stretch of growth.

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. 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. Construction added 13,000 jobs, while retail lost 22,000 - nearly all the jobs it had gained the month before.

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