The president promised this morning that he will continue to roll back "stifling regulations" that hurt jobs.
Significant job gains in July occurred in food services (53,000 jobs), professional and business services (49,000 jobs), and health care (39,000 jobs).
The labor force participation rate, which shows the share of working-age people in the labor force, edged up to 62.9 percent from June's reading of 62.8 percent. Wage growth should eventually pick up and return to more normal levels as the overall labor market improves. But that sector of the labor market, falling under the "leisure and hospitality" industry, has the lowest average weekly wages, according to the Labor Department.
The figures for June were revised upward, with the BLS saying that 231,000 jobs were created in the month instead of the originally reported 222,000.
Wages in July were also a bit better than expected, as month-on-month gains came in in-line with expectations and year-on-year gains topped expectations.
However, the positive job figures were dampened by the latest numbers on Canada's trade deficit, which ballooned to $3.6 billion in June from a shortfall of $1.4 billion the previous month. The unemployment rate ticked down to 4.3% from 4.4% the prior month as more people joined the workforce.
The July data was fuelled by the addition of 35,100 full-time jobs, offset by the loss of 24,300 part-time positions.
For example, Nick said, retirees with higher paying jobs than graduates could distort average wage growth as they leave the labor force.
Doug Duncan, chief economist at Fannie Mae, said in a report that it would be a mistake to "nitpick" the gain in wages, adding that the steady rise over the past year "isn't too shabby".
On the campaign trail, Trump highlighted the millions on the sidelines of the labor market as a "silent nation of jobless Americans" and promised lower tax rates and deregulation that would "massively" increase jobs and wages. Early gains took the dollar near Y111 versus the yen.
On first glance, things are looking good for America's teen workers. "That's helping the least-educated Americans get back to work".
Canada's dollar fell 0.3 per cent to $1.2628 against its USA counterpart at 8:56 a.m. Toronto time. Rising participation shows that a stronger economy is pulling more workers into the labor force, giving the Fed room to move gradually in tightening. The central bank already raised rates last month, and investors are pricing in at least least one more hike by the end of this year.
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