U.S. created 209000 jobs in July, vs 183000 jobs expected

Trump (finally!) reaches million-jobs mark
July Jobs
Author

05 August, 2017

Total nonfarm payroll employment increased by 209,000 in July, and the unemployment rate was little changed at 4.3 percent, the U.S. Bureau of Labor Statistics reported.

The labor force participation rate, which shows the share of working-age people in the labor force, edged up to 62.9 percent from June's reading of 62.8 percent.

The number of people overall in the workforce increased by 400. Alberta lost 14,000 jobs and saw its unemployment rate rise from 7.4 per cent in June to 7.8 per cent in July.

"Job gains were solid and broad-based, and a slight upward revision put year-to-date average monthly hiring at a healthy 184,000", Fannie Mae Chief Economist Doug Duncan said.

Average hourly earnings for all employees on private non-farm payrolls rose in July by nine cents to $26.36 per hour. That figure accounts for the unemployed, the discouraged, and all part-time workers who could not find full-time work, or because their hours have been cut back, even though they seek full-time employment.

Iran, US Navies Engage in Second Encounter in One Week
Years of mutual animosity had eased when Washington lifted sanctions on Tehran last year as part of a deal to curb Iran's nuclear ambitions.

Nationally, the economy added almost 11,000 jobs last month to bring the unemployment rate down to 6.3%, from 6.5% in June.

Before the jobs data, Jefferies economists Ward McCarthy and Thomas Simons characterized subdued wage gains as "unprecedented" at this advanced stage of the business cycle, but said they see "a more sustained cyclical acceleration going forward". In June, there were 6,977,000 who were unemployed and in July that number grew to 6,981,000.

Trump has pledged to sharply boost economic growth and further strengthen the labor market by slashing taxes, cutting regulation and boosting infrastructure spending. It's expected to show no big improvement in the pace of wage growth.

This jobs report will only make Americans feel more optimistic about the economy.

However, some analysts stressed that USA inflation remains subdued, with one key measure showing annual growth of just 1.5 per cent in June, well below the Fed's 2 per cent target and representing a reason why the Fed may delay hikes. The Fed has raised rates twice this year and its benchmark overnight lending rate is in a range of 1 percent to 1.25 percent. Over the past three months, job gains have averaged 195,000 per month. There's one school of thought that work is a substitute for school, and that kids who have to work are worse off than those who can go to school instead, Harrington said.


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