Solid July Jobs Report Points to Momentum in Q3

05 Agosto, 2018, 17:25 | Author: Arnold Perez
  • Solid July Jobs Report Points to Momentum in Q3

The only time in the recorded history the rate was lower was in the 1960s.

"Right now, concerns about tariffs are just that: concerns", said Michael Gapen, chief US economist at Barclays Plc in NY. Overall, the USA unemployment rate inched down to 3.9% in July, following an increase in June, with total employment increasing by 157,000 jobs.

In terms of the larger context, this morning's data points to 1.5 million jobs created so far in 2018, which is evidence of a healthy job market, and which is an improvement on the totals from the first seven months of 2016 and 2017.

Last month, Trump also saw a 4.1 percent GDP rate, the highest since 2014.

Average hourly earnings rose 0.3 percent from the previous month, also matching the median estimate of economists, though that was up from 0.1 percent in June.

"I don't see today's number as a disappointment: 157,000 job gains is still impressive, given where we are in the business cycle".

"House price appreciation has exceeded wage growth for six years, so any signal that wage growth may be closing the gap is good news", said Fleming.

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Asian unemployment dropped to 3.1 percent while black unemployment, still hovering around historical lows, increased slightly to 6.6 percent.

The jobs figures follow second quarter data last week showing the United States economy grew at an annualised rate of 4.1%.

Yet the trade fights didn't appear to impact hiring last month.

The Federal Reserve's Beige Book report last month showed a scarcity of labour across a wide range of occupations, including highly skilled engineers, specialised construction and manufacturing workers, information technology professionals and truck drivers.

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.

Experts blamed some of the change on closing retail stores, but said the labor market remains tight, with more openings than jobs overall. In comparison, nondepositories employed 339,600 people 12 months earlier and had a downwardly revised 341,200 workers on their payrolls in May of this year. The solid rate of hiring reflects strong production, business confidence, and plans for expansion.

Hiring in the goods-producing sector rose by 52,000, in line with its strong recent trend, while job growth in the service-providing sector moderated to 118,000 from outsized 182,000 and 204,000 gains in June and May, respectively.



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