Global markets: US job growth slows

By Commodity News Service Canada

WINNIPEG, June 3 – The following is a glance at the news moving markets globally.

US ECONOMIC JOB GROWTH FALLS TO FIVE-YEAR-LOW
The US economy created the lowest number of jobs in more than five years in May, according to reports out of the country on Friday.

A strike from a telecommunications company and weaker goods-producing employment added to the declines.

Nonfarm payrolls increased by 38,000 jobs in May, a level not touched since 2010.

CANADA’S EXPORTS INCREASE IN APRIL

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Canada’s exports increased 1.5 per cent to C$41.8 billion in April. Export prices were up 1.1 per cent and volumes rose 0.5 per cent, Statistics Canada said in a report on Friday.

According to StatsCan, imports increased 0.9 per cent to C$44.7 billion, as volumes were up 0.8 per cent and prices edged up 0.1 per cent. As a result, Canada’s merchandise trade deficit with the world narrowed from C$3.2 billion in March to C$2.9 billion in April.

CANADA’S LABOUR PRODUCTIVITY REACHES FRESH HIGH

Labour productivity of Canadian businesses rose 0.4 per cent in the first quarter, following no growth in the fourth quarter. This was the largest increase since the fourth quarter of 2014, Statistics Canada said in a report on Friday.

According to StatsCan, the productivity gain in the first quarter accounted for two-thirds of the output growth of businesses, while growth in hours worked accounted for the remaining third. Output and hours worked were essentially flat in the fourth quarter.