Global Indicators are pointing towards a bumpy ride. Inflationary pressures continue to dominate the air-waves as the US Dollar tops the global monetary exchange.
US employers added 372,000 jobs in June down from 390,000 in May, while the unemployment rate remained unchanged at 3.6% for the fourth month in a row.
Canada lost 43,000 jobs in June as compared to adding 40,000 in May, as the unemployment rate decreased to 4.9%in June from 5.1% in May.
Both Canada and the USA have reductions in the Labor Participation Rate with a larger percentage of out of work employees not actively looking for work, perhaps explaining the stability in the Unemployment Rates. We are also starting to see more of a move towards Part-Time/Temporary Employment as both employers and employees are adjusting to work-load fluctuations.
Despite the current macroeconomic conditions and microeconomic trends, we are still moving towards solid improvements in the Labor Market. We just need to Hang-On and continue to offer employees challenging and flexible work environments. Worker productivity has never been higher, further justifying an upward transmission of wages reflecting the higher price levels in the economy.
U.S. Bureau of Labor Statistics
Statistics Canada – Labor force survey