• News
  • Money

USA employers add 157,000 jobs, jobless rate slips to 3.9 percent

USA employers add 157,000 jobs, jobless rate slips to 3.9 percent

"Those revisions give us 59,000 jobs added that we didn't know we had before".

Peter Cramer of Prime Advisors says one reason wages are not growing faster is the large but shrinking pool of part-time workers who are getting longer hours or full-time work. "'Help Wanted' is still the most prevalent signage you'll see in an industrial park".

Manufacturing gained 37,000 jobs, driven by durable-goods and transportation companies.

But, as with small businesses, manufacturers are having trouble filling job openings, she said. Retail payrolls rebounded by 7,100 jobs last month after losing 20,200 in June.

With the economy healthy, more Americans want to buy homes, but there is a paucity of houses for sale. Jobless claims are an early sign of mass layoffs in the labor market, since many people apply for benefits soon after they're let go.

The labor market has accelerated as the economy expands. Wage growth has been stuck around that level for two years. Service-providing sectors grew by 177,000 jobs, with health care/social assistance gaining the most with 49,000 jobs.

The unemployment rate has now dipped below 4 percent for the third time this year.

The unemployment rate in the United States dropped to 3.9% in July from 4% in June. The Federal Reserve is closely watching the wages component as it seeks to meet its 2 percent inflation target.

The last time the US economy had such low unemployment in the late 1990s, wage growth was substantially higher. Over the past year, it has hired more than a half-million Americans and stands as the leading job-creating sector.

On the bright side, the hiring spree has continued as the economy marches along.

Friday's report showed that the closure of Toys "R" Us had an outsized impact on the employment picture in July as the economy lost 31,800 jobs from the sporting goods, hobby, book, and music stores sub-industry, which in total only employs around 600,000 people.

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 stock market rose on the news with the Dow gaining 136 points on Friday. Check out the results of its July Local Pay Report below.

The Fed also made clear it expects to raise interest rates in the coming months, going against President Donald Trump's demands for the independent body to keep rates steady.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

RBI monetary policy: Repo rate hiked by 25 bps

The central bank said inflation in two years' time was likely to be 2.09 percent, above the BoE's 2 percent target. In June, the MPC had raised the key rate by a similar 25 basis points or 0.25 per cent.

20 killed in plane crash in Switzerland

Police said Sunday they have now determined that all 20 people on board the plane, including its three crew members, died. The 20 Minutes newspaper quoted a witness who was on the mountainside at the time of the crash.

Tiger Woods, Phil Mickelson to square off in November

Mickleson saying, "Now, I don't know if he wants a piece of me, but I just think it would be something that would be really fun". Woods, 42, and Mickelson, 48, are competing in this week's WGC-Bridgestone Invitational that begins Thursday at Firestone.

Bill Belichick, Robert Kraft surprise Randy Moss at his Hall induction

Moss recalled his tough childhood in Rand, citing poverty and racism as issues that he often dealt with. A friend of Ray Lewis was at Friday night's gold jacket ceremony and brought it to Chattanooga for T.O.

Tiger has shot at Firestone

Ticket sales spiked when it was disclosed after the British Open that Woods reached No. 50 and would be back at Firestone. "I just feel like this week is an ideal time to work on a few things [ahead of next week's US PGA Championship]".

Opinions & Transfer NewsWe All Follow United

The Sun cites one case of an unnamed player in a panic asking the TV channel he gave an interview to erase an answer he gave them. Although he is missing 10 first-team players now , the manager must prepare the side he has to play and win matches.

Trump says he might delay shutdown showdown until after elections

He continued, "Border Security is National Security, and National Security is the long-term viability of our Country". The higher amount matches what Trump has privately sought in conversations with Republican lawmakers.

Growing California fires prompt new evacuations

Workers who live in Yosemite's popular Valley region were ordered to leave Friday because of inaccessible roads. The report says his death highlights the need for better risk assessment, communication and supervision.

Tristan Thompson punched Draymond Green outside LA club

Green did not shake Thompson's hand following the Warriors' four-game sweep of the Cavs, either. "It was more like a shove". TT said "nah man" and Draymond tried again, "come on, I didn't mean it" and then WHAP, Tristan leveled him with a punch.

Vidal & Barcelona Reach Agreement Over Personal Terms

The 31-year-old will have a medical with the La Liga champions in the next few days ahead of penning a three-year contract at Camp Nou.