Here's your full preview of the upcoming jobs report

Here's your full preview of the upcoming jobs report

Here's your full preview of the upcoming jobs report

Friday's key economic data point came from the Bureau of Labor Statistics' employment situation report for July.

The unemployment rate for all Americans declined from 4.4 percent in June to 4.3 percent in July, which is the lowest level seen in 16 years. The labor force participation rate, a measure of all the workers who could be working that either are working or looking for work, rose to 62.9% in July from 62.8% in June. There are still people who should be in the work force who aren't, and that drag is holding down wage growth because of the impact that sidelined labor has on pricing.

Food services, drinking places, professional and business services, and health care all saw gains.

Canadian employment increased 10,900 for July which was close to expectations of around 10,000 for the month.

In July, wages posted a strong 0.3% increase, as average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to $26.36. July's monthly gain of 0.3 percent was the strongest since last October and annual gains, after falling earlier this year, appear to have stabilized, holding at 2.5 percent.

America's economy is in the spotlight today as we find out how many new jobs were created in the United States last month. Overall, job gains are still concentrated in service industries like healthcare and hospitality as they have been for most of this decade.

Statistics Canada says the province's unemployment rate last month was 6.6 per cent, up from 6.5 per cent in June.

Wages have been of more concern to workers, with stagnation prevailing for several years until about 18 months ago, when wage growth has edged slightly ahead of inflation.

"It is clear that employers need to do little to attract and retain the workers they want and any significant signs of labor shortages are simply not showing up", Elise Gould, senior economist with the Economic Policy Institute, wrote in a report.

The job market continues to be one of the main strengths of the US economy. Among this group, 536,000 individuals were considered discouraged-not now looking for work because they believe no jobs are available for them.

"It's possible that the average wage isn't the best indicator for how much pressure there is in the market, but that it's an indicator of what types of jobs at the margin we're creating and what types of jobs were losing", said Brian Nick, the chief investment strategist at TIAA Investments. Another of Trump's favorite industries, coal mining, has added just 100 jobs in the first seven months of the year.

Growth in Americans' paychecks, however, remains stubbornly slow.

One issue may be that workers aren't changing jobs.

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