You’re hired! Unemployment rate falls to 3.9% in July
You’re hired! Unemployment rate falls to 3.9% in July
American job growth falls short of expectations in July
05 August, 2018, 18:25
Average hourly earnings were up 2.7% year-to-year during the month for production and nonsupervisory employees.
Experts blamed some of the change on closing retail stores, but said the labor market remains tight, with more openings than jobs overall.
"With inflation running at a roughly 2 percent rate, that means that there's not a lot of financial wiggle room for many Americans", said Mark Hamrick, Bankrate.com's senior economic analyst.
On the bright side, the hiring spree has continued as the economy marches along.
The jobs data released on Friday followed a report that the United States trade deficit widened in June for the first time in four months as exports fell and imports grew.
On Wednesday, the U.S. Federal Reserve, the nation's central bank, said the economy was "strong", an upgrade from its June assessment, which dubbed the economy "solid". Last week, the Commerce Department reported that gross domestic product expanded at an annual rate of 4.1 percent in the second quarter, the fastest pace in almost four years. Consumers are spending freely and businesses are stepping up their investment in buildings and equipment, accelerating growth.
The government revised the previous months' job gains by an additional 59,000. It ticked up to 6.6% from 6.5% for African-Americans after hitting a record low in May but fell to 3.4% for whites, its lowest since 2000.
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"This job growth is nothing to be disappointed about, particularly at this stage of the recovery", said Martha Gimbel, director of economic research at job search website Indeed. Manufacturers, among the most directly affected by the import taxes, added 37,000 jobs, the most in seven months.
One cloud on the horizon has been the Trump administration's trade fights with China, the European Union, Canada and Mexico.
"It appears to be that the strength of fiscal stimulus measures are outweighing any kind of effect of trade tensions", said Wright from iCIMS.
The gain in payrolls was concentrated at private employers, which added 170,000 jobs, while the public sector cut 13,000 positions.
Excluding those factors, hiring in July would have been closer to the monthly average this year.
That's good news for workers without a high school degree and those without a college degree.
The labor market has accelerated as the economy expands.
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