You’re hired! Unemployment rate falls to 3.9% in July

05 August, 2018, 22:39 | Author: Natasha Holloway
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US establishments added a net new 157,000 jobs, following the upwardly revised average gains in May and June of an outsized 258,000. The Fed is unlikely to accelerate its rate hike plan if wages growth remains stagnant. Typically, when unemployment has fallen below 4 per cent in the past, wages have increased at a faster pace. "As is, the economy is not strongly correlated with midterm outcomes".

Employers pulled back on hiring in July, but the job gains were still enough to lower the US unemployment rate a tick to 3.9 percent from 4 percent.

One important factor driving economists' forecast for a strong jobs month overall was the low number of people filing for unemployment benefits for the first time.

Wages remain the only red flag in the USA labor market. After being at a record low a few months ago, black unemployment rose to 6.6 percent.

Manufacturing added 37,000 jobs in July, with most of the gain in the durable goods component. But sporting goods, hobby, toy and game stores fell 32,000 - reflecting the closure in late June of all remaining U.S. stores in the Toys R Us chain.

The U.S. unemployment rate dropped slightly in July, while job gains were lower than many analysts predicted.

"That is pathetic", economist Joel Naroff wrote in a client note.

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The numbers there looked good in July, with a major caveat. "That does not bode well for future spending". With revisions, job gains have averaged 224,000 a month over the past three months.

"The more you make an employee healthy and happy, the more that they're going to stay with you", England said.

Job gains were less than expected in July, though earlier months' job gains were revised higher and the unemployment rate fell to 3.9%.

The pace of hiring workers in the United States slipped to its slowest in four months in July, but interest rates remain on track to rise twice more this year because of the underlying strength of the jobs market.

The decline in the jobless rate reflected a 284,000 decline in the number of unemployed people in the workforce, while the number of employed increased by 389,000.

Despite many businesses' trouble finding qualified workers, they are still hiring and looking outside traditional pools for talent.

Diane Swonk, chief economist at Grant Thornton, said that amid disappointing growth in wages, President Donald Trump's trade wars threatened to eat even further into workers' pay by pushing up inflation. Construction companies hired 19,000 more workers after increasing payrolls by 13,000 jobs in June.



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