Dawn Desjardins, deputy chief economist at the Royal Bank of Canada, notes that the US economy created 75K jobs in May, while the unemployment rate held at 3.6% in May, the lowest in half a century and the wage gains printed at 3.1%.
Key Quotes
“Today’s labour data showed a disappointing pace of job creation although the unemployment rate remained at a cycle low and wage growth eased very slightly.”
“The weaker showing on employment accompanied other indicators that suggest the US economy is starting to show cracks.”
“Today’s report hints that the US economy’s momentum may be starting to fray – and if some easing in trade tensions doesn’t emerge the industrial sector will start to look significantly worse.”
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