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New Brunswick Sees Drop in Unemployment in July

New Brunswick Sees Drop in Unemployment in July

US stocks index futures extended gains on Friday after a report from the Labor Department showed monthly employment numbers for July came in above expectations. The average monthly job gains for the first seven months of 2017 was 184,000, just below the 194,000 average monthly job gains through the first even months of 2016.

Total nonfarm payroll employment increased by 209,000 in July.

The economy extended its winning streak in July, posting its eighth consecutive month of job growth while the unemployment rate dropped to its lowest point since the start of the financial crisis almost nine years ago.

However, the number for May was revised downward to 145,000 from 152,000.

This jobs report will only make Americans feel more optimistic about the economy.

"The fastest job growth in July was in lower-wage industries", Kolko pointed out.

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The period of monthly gains that began in 2010 is nearly 3 years longer than the second-best streak from 1986 to 1990. Those are signs the labor market is further tightening. However, it has yet to produce an acceleration in wages, though July data showed a slight firming. In July, average hourly earnings for all employees rose by 9 cents to $26.36, and by 65 cents for the year, a 2.5 percent increase: not very strong, but just enough to seem like a relative improvement. "Nobody thought that number was going to happen".

The unemployment rate fell to its lowest level since 2001 in May. In the second quarter, exports increased 2.8 per cent to a record $142.7 billion, StatsCan said. The number of women of this age and older who reported having jobs rose by 14,000 from June and by 66,000 from a year earlier. But modest price increases means inflation-adjusted wages are rising at a slightly stronger rate than the 30-year average.

The food services, professional and business services and healthcare sectors all saw job gains last month. About 32,000 jobs in educational services were lost, mainly in Ontario and Alberta.

Still, some slack remains in the labor market.

This measure does not account for those individuals who have dropped out of the labor force-it simply measures the percent of those who did not have a job but actively sought one over the month. The bureau counts those not in the labor force as people who do not have a job and did not actively seek one in the past four weeks.

Unemployment in Windsor jumped to 6.2 per cent last month, up from 5.2 in June, mainly due to more people looking for work. The rate, known as the U-6, fell as low as 7.9% in the prior economic expansion that ended in late 2007.

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