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

Biz
July 2018 Jobs Report Payroll Growth Slows

The Bureau of Labor Statistics reported this morning that the economy added 157,000 jobs in July, while the unemployment rate inched lower, going from to 4% to 3.9%. The Labor Department said the economy added 268,000 jobs in May, up from an initial estimate of 244,000, while the June gain was revised upward to 248,000 from 213,000. "This is only the eighth time that the monthly unemployment rate has fallen below 4.0 per cent since 1970, and three of those months happened under President (Donald) Trump in 2018", US Labour Secretary Alexander Acosta said in a statement on the July jobs report.

Unemployment as a measure that includes discouraged workers and those holding jobs part-time for economic reasons, also declined to 7.9% from 8.1%. Despite many company executives complaining that they can not find workers to fill open positions, wage growth remains sluggish.

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. The economy grew at 4.1% during the second quarter, its fastest place in almost four years.

The job market keeps pumping out jobs.

Above you'll find the chart I run every month, showing monthly changes in total jobs since the start of the Great Recession.

Biz
July 2018 Jobs Report Payroll Growth Slows
Biz July 2018 Jobs Report Payroll Growth Slows

The gain in payrolls was concentrated at private employers, which added 170,000 jobs, while the public sector cut 13,000 positions.

Strong demand from consumers and businesses sharply reduced the stockpiles of goods held on many store shelves and warehouses.

And analysts said the latest data could understate the strength of the labor market. The unemployment rate is near its lowed point since 2000. Hospitals added 6,800 jobs in July, 36% fewer than the 10,600 new jobs added in June, a month that represented a massive hiring spike from sluggish May growth.

"Job gains occurred in professional and business services, in manufacturing, and in health care and social assistance" the report says. The annual increase in wages was unchanged at 2.7 percent in July. Mining, wholesale trade, transportation and warehousing, information and financial activities remained mostly flat, the BLS said. A category called other ambulatory healthcare services dropped by 1,200 jobs, and offices of other healthcare practitioners lost 900 jobs.

"While this increased employment is undoubtedly good news, job growth exacerbates the monumental manufacturing workforce shortage", she said.

More news: Tesla posts record $717 million net loss in second quarter

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