Economy

Solid July Jobs Report Points to Momentum in Q3

Solid July Jobs Report Points to Momentum in Q3”

Nonfarm payroll employment increased by 157,000 jobs in July 2018, according to the latest figures from the Bureau of Labor Statistics.

She'll be overseeing the National Council for the American Worker, a cross-department body launched in July by President Trump to help train and retrain Americans for the available jobs.

July wasn't a stellar month for hiring in the USA healthcare sector, with fewer jobs added in ambulatory care, hospitals and nursing facilities compared with a month earlier. "As is, the economy is not strongly correlated with midterm outcomes".

US hiring cooled in July after more-robust gains than previously reported, while the unemployment rate slipped back below 4 percent and wage increases remained subdued, reinforcing a picture of steady labor-market growth in line with the Federal Reserve's outlook for gradual interest-rate hikes. The economy needs to create about 120,000 jobs per month to keep up with growth in the working-age population.

Like weather forecasters predicting sunny skies in Southern California, economists have watched the labor market produce consistent monthly increases in hiring recently.

■ The unemployment ratefell to 3.9 percent, from 4 percent.

Health care and social assistance grew by 34,000 jobs, and food services and drinking places by 26,000 jobs, the report said. Sales of new homes fell sharply in June.

At this stage in a record stretch of job growth that began in 2010, however, all eyes are on wages because they've been much slower to recover from the Great Recession. This puts the average for the last 12 months at 200,000, higher than the 185,000 in the previous 12 months, a rare.

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

"We got enough upward revisions to offset the slight disappointment on the July number", said Simona Mocuta, senior economist with State Street Global Advisors. "That does not bode well for future spending".

And the underemployment rate - which includes discouraged workers no longer searching for work, as well as involuntary part-time workers - dropped to 7.5 per cent, the lowest in 17 years, from 7.8 per cent.

USA employment has risen for 94 consecutive months, the longest jobs-expansion streak on record. Despite a fall in employment in the transportation and utilities sectors, the overall rate of unemployment dipped to 3.9 per cent in July from 4 per cent in June. The unemployment rate had ticked up in June as the healthy jobs market attracted more workers back into the labor force.



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