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Unemployment Rate Edges Down to 3.9% in July

05 August, 2018, 22:40 | Author: Shawna Walton
  • Donald Trump

The nation as a whole added 157,000 jobs across all industries in July, fewer than in June when an upwardly revised 248,000 jobs were added, and in May when an upwardly revised 268,000 workers were added to payrolls. Economists had expected a gain of about 190,000.

US employers slowed their hiring in July, adding 157,000 jobs, a solid gain but below the healthy pace they maintained in the first half of this year. The economy grew at 4.1 percent during the second quarter, its fastest place in almost four years. In the last 12 months, that sector has added more than a half million jobs.

The overall unemployment rate inched down to 3.9 percent from 4 percent the month before, the Bureau of Labor Statistics (BLS) reported. The number of unemployed persons declined by 284,000 to 6.3 million in July. The White House has slapped tariffs on steel and aluminium and on $34 billion of imports from China, and several companies have hit USA imports with retaliatory duties.

"The unemployment rate edged down to 3.9 per cent".

"Topline job growth ... has yet to translate into meaningful improvement in wages", noted Lindsey Piegza, chief economist for Stifel Fixed Income.

President Donald Trump's administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union. Wage growth has been stuck around that level for two years. "For the second consecutive month, the unemployment rate for Hispanics reached a record low", the statement added.

Nonbank mortgage employment estimates lag national jobs data by a month.

Businesses are also getting less picky in their hiring. "There is such a thing as slack in labor markets being removed and scarcity puts upward pressure on prices somewhere", he said. Consumer prices rose 2.9 percent in June from a year earlier, more than the average wage gain.

The relative consistency in jobs growth allows economist to turn their attention to wage growth, a key reading for policy makers looking to keep inflation to the Federal Reserve's 2% target.

That was just one aspect of the good news laid out in the July jobs report.

Restaurants, bars and hotels added 40,000 jobs, the most in nine months.

Government employment fell by 13,000 jobs in July.

Transportation payrolls dropped by 1,300 jobs last month, with transit and ground transportation employment declining by 14,800 jobs. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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