Wednesday, 14 November, 2018

US Economy Adds Fewer Jobs Than Expected In July

US jobs growth slows more than expected in July American job growth falls short of expectations in July
Laurie Berry | 05 August, 2018, 18:23

The latest data from the Bureau of Labor Statistics reveals that Americans at the bottom line of the US economy are continuing to make large gains in employment. The unemployment rate is near its lowed point since 2000.

"House price appreciation has exceeded wage growth for six years, so any signal that wage growth may be closing the gap is good news", said Fleming.

The United States' headline unemployment rate dropped to 3.9 per cent in July, a month in which nonfarm payrolls in the world's largest economy rose by 157,000, the Labour Department said on Friday. The unemployment rate slipped to 3.9 percent, from 4 percent, the Labor Department said Friday.

Job gains were seen in the durable goods manufacturing and health care sectors as well as in restaurants and bars.

Jobs and recruiting site Glassdoor tracks wages across the US in its Local Pay Reports. Wages were up 2.7 percent for the 12 months ended July 31, the same annual pace as the previous month and an improvement over the sluggish 2 percent wage gains earlier in the recovery.

Average hourly earnings increased seven cents, or 0.3%, in July after gaining 0.1% in June.

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The employment picture's been pretty rosy lately, with average job growth above 200,000 a month since mid-spring and more people coming back into the labor market.

"It is fantastic that at this point in a recovery you are seeing growth that is on average faster than the previous two years", she reportedly said.

Nonbank mortgage employment estimates lag national jobs data by a month. Mining, wholesale trade, transportation and warehousing, information and financial activities remained mostly flat, the BLS said.

With the US unemployment rate near a five-decade low, companies are looking harder for employees, and in some cases finding them right at their own workplaces. But many potential workers are still on the sidelines, and Congress has an opening to help.

Employers in the manufacturing sector extended a strong streak of job gains, suggesting that trade disputes hadn't yet weighed on hiring decisions in a major way.

The participation rate, or share of working-age people in jobs or actively looking, was unchanged at 62.9 percent. July's slowdown in hiring reflected a loss of 10,800 education services jobs. Initial jobless claims were near a 50-year low in the week the BLS conducted its survey for the jobs report and haven't added up to more than 300,000 since March 2015.

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