US Jobs Surprise, Canada Disappoints

on , from marctomarket.com

The markets angst over the underlying trend in the US labor market eases with the help of the second consecutive robust report. The 255k rise in non-farm payrolls was well above expectations, and the details were mostly favorable. There was upward revisions to the May and June reports. Average hourly earnings rose by 0.3%, a little more than expected, and when rounded, the year-over-year rate of stayed at 2.6%, which matches the cyclical high, and will likely support consumption. The 9k increase in manufacturing and the overall rise in the workweek bodes well for output. The participation rate ticked up. The underemployment rose ... (Read the full story)

Canada loses 31,200 jobs in July; biggest drop in full-time positions since 2011

on , from brandonsun.com

The Canadian labour market lost 31,200 net jobs last month as the country experienced the biggest monthly drop in full-time work in nearly five years. Statistics Canada's latest labour force survey says the market shed 71,400 full-time positions in July — a number partly offset by an increase of 40,200 in less-desirable, part-time jobs. The agency says full-time work in Canada hasn't suffered a one-month blow this big since October 2011. The report says the national unemployment rate in July crept up to 6.9 per cent from 6.8 per cent the previous month. The survey also says paid employee positions fell by 28,400 last month, compared ... (Read the full story)

U.S. trade deficit rises to ten-month high in June

on , from reuters.com

The U.S. trade deficit rose to a 10-month high in June as rising domestic demand and higher oil prices boosted the import bill while the lagging effects of a strong dollar continued to hamper export growth. The Commerce Department said on Friday the trade gap increased 8.7 percent to $44.5 billion in June, the biggest deficit since August 2015. May's trade deficit was revised slightly down to $41.0 billion. June marked the third straight month of increases in the deficit. Economists polled by Reuters had forecast the trade gap widening to $43.1 billion in June after a previously reported $41.1 billion shortfall. When adjusted for ... (Read the full story)

Payrolls Surge as U.S. Hiring Gains Broad-Based for Second Month

on , from bloomberg.com

Payrolls jumped in July for a second month and wages climbed, pointing to renewed vigor in the U.S. labor market that will sustain consumer spending into the second half of the year. Payrolls climbed by 255,000 last month, exceeding all forecasts in a Bloomberg survey of 89 economists, following a 292,000 gain in June that was a bit larger than previously estimated, a Labor Department report showed Friday. The jobless rate held at 4.9 percent as many of the people streaming into the labor force found jobs. The rate of hiring is more than enough to whittle away at the jobless rate over time and gradually eliminate labor-market ... (Read the full story)

Canadian international merchandise trade, June 2016

on , from gc.ca

Canada's imports increased 0.8% to $45.0 billion in June. Import volumes were up 0.7% and prices rose 0.2%. Exports increased 0.6% to $41.4 billion, as prices were up 2.0%, while volumes fell 1.4%. As a result, Canada's merchandise trade deficit with the world widened from $3.5 billion in May to a record $3.6 billion in June. In the second quarter, imports decreased 1.4% to $134.7 billion. Exports dropped 4.7% to $124.0 billion, the largest decline since the second quarter of 2009. Consequently, Canada's quarterly trade deficit with the world widened from $6.4 billion in the first quarter of 2016 to a record $10.7 billion in the second ... (Read the full story)