Tuesday, 16 October, 2018

USA economy adds 157,000 jobs in July, slightly below expectations

The unemployment rate fell to 3.9% in July	 	 	 			Unemployment stands at 4% close to an 18-year low The unemployment rate fell to 3.9% in July Unemployment stands at 4% close to an 18-year low
Andy Castillo | 05 August, 2018, 22:39

Economists have warned that the tit-for-tat import duties, which have unsettled financial markets, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth.

Mocuta added that the dip in the unemployment rate without any corresponding upward pressure on wages suggested more slack in the labor market than the unemployment rate might otherwise suggest.

Wage growth increased but remained sluggish.

USA 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.

Wages remain the only red flag in the US labor market.

Although June typically is a busy month for home sales, purchases of pre-owned homes declined due to factors that include limited inventory, higher year-over-year mortgage rates and increases in home prices that outpaced wage growth. Leisure and hospitality was a main contributor with 40,000 jobs, while health care and social assistance added 33,500 and professional and business services added 51,000 - including about 28,000 in temporary help, the most in more than a year.

Economists had expected the jobs report to show nonfarm payrolls increasing by 193,000 on net.

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But workers' average hourly paychecks grew tepidly from the previous month and are up just 2.7 percent compared to the same time past year.

"That is pathetic", economist Joel Naroff wrote in a client note. Check out the results of its July Local Pay Report below. Manufacturing added 37,000 jobs in July, with most of the gain in factories producing durable goods.

Still, with unemployment at historically low levels and after a decade of steady job creation, employers across the United States complain of a widespread shortage of qualified labor and say they are struggling to fill open positions and being forced to offer higher compensation to attract and retain talent.

"Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low", the Fed said.

This news site has long discounted the unemployment rate as a viable measure of the job market's health - choosing instead to focus our coverage on labor participation, which provides a far more reliable picture of the work force. The number of unemployed persons declined by 284,000 to 6.3 million. "There's no evidence that businesses are changing the way that they're hiring and spending". "It is unbelievable that at this point in a recovery you are seeing growth that is on average faster than the previous two years", she said. The Federal Reserve is closely watching the wages component as it seeks to meet its 2 percent inflation target.

All three major stock indices finished the week slightly higher.

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