USA jobless rate drops to 3.9%. in July; 157000 new jobs created
USA jobless rate drops to 3.9%. in July; 157000 new jobs created
American job growth falls short of expectations in July
05 August, 2018, 22:42
Thirty-seven percent of responding small business owners said they had job openings they could not fill, the highest number since the Monthly Jobs Report began, the NFIB said August 2.
Employers pulled back on hiring in July, but the job gains were still enough to lower the USA unemployment rate a tick to 3.9 percent from 4 percent. The economy grew at 4.1% during the second quarter, its fastest place in almost four years. On the other hand, mining and logging saw its first month of negative job growth since late 2016, and transportation and warehousing, government, financial activities, and utilities all also lost jobs. "A slightly upward gain one month here and there hardly coincides with a near eighteen-year low in the unemployment rate".
Jobs and recruiting site Glassdoor tracks wages across the US in its Local Pay Reports.
"Consequently, we expect the unemployment rate will remain steady in July, but should return to a downtrend in the coming months". The current wage gains are barely enough to cover the rising costs of food and housing for many Americans. Economists were watching manufacturing closely for signs of a drag from the Trump administration's escalation of trade tensions with China and allies.
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.
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.
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■ 157,000 jobs were added last month.
If the pace of hiring continues at the same rate it has since January, the United States is likely to add about 2.6 million jobs this year, which would be the strongest since 2015. The Fed is unlikely to accelerate its rate hike plan if wages growth remains stagnant. Blue-collar jobs have grown sharply, with manufacturing adding 327,000 positions in the past year and construction adding 308,000.
People looking for jobs at factories had a better chance of being hired last month.
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. The views expressed in this column are the author's own and do not reflect those of Berenberg Capital Markets, LLC. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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