Unemployment Rate Edges Down to 3.9% in July

Unemployment Rate Edges Down to 3.9% in July

It rose in June from an 18-year low of 3.8% in May.

The world's largest economy also had a net gain of 157,000 jobs, which is less than the monthly average so far this year.

The BLS figures contrast with those of payroll services firm ADP Inc., whose employment report issued August 1 stated that US private sector employment increased by 219,000 jobs in July. Transportation, mining and financial services did not hire much in July.

An increase in wages that occurred in June also could help the housing market even though it remains below the pre-recession rate of growth, he added.

Average hourly earnings increased by 7 cents, or 0.3 percent, to $27.05.

The pace of hiring workers in the United States slipped to its slowest in four months in July, but interest rates remain on track to rise twice more this year because of the underlying strength of the jobs market.

But paychecks grew only slightly - up 2.7 percent compared to the same time previous year.

According to data (.pdf) released by the U.S. Bureau of Labor Statistics (BLS), the economy has averaged 224,000 new jobs per month over the past three months.

Another highlight from Friday's report was a decline in the underemployment rate - a measure that captures both those out of work and people who want full-time work but are working part-time - which dropped to a post-crisis low of 7.5% in July, down from 7.8% in June.

More news: Tesla's biggest net loss helps meet production target

USA employment has risen for 94 consecutive months, the longest jobs-expansion streak on record.

Manufacturing continued the strong growth it has seen since the beginning of 2017.

The gains came from white-collar professional firms as well as manufacturing which filled 37,000 jobs.

The drop in government payrolls was concentrated in local governments, which shed 20,000 jobs.

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.

Less educated workers have been the big gainers in terms of employment in the last few years of the recovery. The rate includes everyone looking for jobs, including those who are unsuccessful.

"There is a record 156 million people in the labour force".

Short workweeks have been a source of frustration for many lower-income workers in service industries such as retail, fast food restaurants, and hotels.

Related Articles

  • India vs England, 1st Test: 5 Talking points from Day 2

    India vs England, 1st Test: 5 Talking points from Day 2

    England lost three wickets for eight runs in 25 balls as a promising 216 for three was transformed into 224 for six. Kohli nicked Anderson only for Malan to drop a low catch at second slip.
    Some local parents questioning Urban Meyer book summer reading assignment

    Some local parents questioning Urban Meyer book summer reading assignment

    Smith was sacked July 23 after reports surfaced that his ex-wife filed an order of protection against him. In fact, Courtney Smith said of the 2015 incident, " All the [coaches'] wives knew".
    Apple is first public company worth $1 trillion

    Apple is first public company worth $1 trillion

    Apple has become the first trillion dollar company today after its stock price soared on the back of excellent financial results. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold.
  • Glamour girl turned duchess: Meghan tones down

    Glamour girl turned duchess: Meghan tones down

    In November, after he proposed to Meghan, Harry confirmed that he 'would love to be a dad'. Thankfully, Meghan has found a friend and supporter in her new sister-in-law, Kate .

    Why Trump’s looser emission standards are mixed blessing for automakers

    Even better news is the decision to take California out of the driver's seat for setting CAFE standards for the entire country. Transportation is the only sector where greenhouse gas emissions went up in 2016, the most recent data available.
    Ind-Eng: Broad downplays Kohli-Anderson battle

    Ind-Eng: Broad downplays Kohli-Anderson battle

    However, the same team did not win the Test series in South Africa. Buttler hasn't been a regular feature of the English Test side.
  • Iran receives more airplanes ahead of renewed USA  sanctions

    Iran receives more airplanes ahead of renewed USA sanctions

    If the USA wants negotiations, it should stop pressures and sanctions, Qasemi was quoted as saying by official IRNA news agency. The nuclear deal lifted worldwide sanctions in return for Iran limiting its nuclear program and allowing regular inspections.
    Vintage plane's crash in Switzerland kills all 20 people on board

    Vintage plane's crash in Switzerland kills all 20 people on board

    Among those killed were 17 people from Switzerland and three people from an Austrian family, including a couple and their son. There also are typically few radar recordings in mountainous areas such as the one where the crash site is located, he added.
    LeBron James: Opening school to be one of greatest moments in life

    LeBron James: Opening school to be one of greatest moments in life

    And I was one of those kids so I know exactly what those kids today are going through being a part of this. The school is well equipped and has 12 teachers and 43 academic staff and over 120 students enrolled.
  • West Nile virus infection reported in Fairfax County

    West Nile virus infection reported in Fairfax County

    Less than one percent of infected people develop a serious neurologic illness such as encephalitis or meningitis. Clothing should be light-colored and made of tightly woven materials that keep mosquitoes away from the skin.
    Man Hit By Car Attempting ‘In My Feelings’ Challenge

    Man Hit By Car Attempting ‘In My Feelings’ Challenge

    It has gone viral online with several people, including celebrities posting their videos while doing the challenge. The violators are likely to be booked under charges of unsafe driving under the The Motor Vehicles Act, he added.
    Police in suburban Denver kill resident who shot intruder

    Police in suburban Denver kill resident who shot intruder

    A man driving a stolen truck was shot dead after he rammed several police cruisers, the Denver Post reported . The armed homeowner who was shot and killed by an Aurora police officer was a 73-year-old Vietnam veteran.