USA unemployment fell to 3.9% in July

George McgeeAug 05, 2018

The nation as a whole added 157,000 jobs across all industries in July, fewer than in June when an upwardly revised 248,000 jobs were added, and in May when an upwardly revised 268,000 workers were added to payrolls.

That said, the revisions for the two previous months - May and June - looked very good, with a combined gain of 59,000 jobs as compared to previous BLS reports.

The jobs data released on Friday followed a report that the U.S. trade deficit widened in June for the first time in four months as exports fell and imports grew.

But they fail to note that prices have been rising along with wages.

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

The jobless rate had risen in June from an 18-year low of 3.8 percent in May.

And sporting goods, hobby and toy stores shed 32,000 jobs, by far the most on records dating back to 1990.

Despite many businesses' trouble finding qualified workers, they are still hiring and looking outside traditional pools for talent.

The stock market rose on the news with the Dow gaining 136 points on Friday. Despite many company executives complaining that they can not find workers to fill open positions, wage growth remains sluggish.

Friday's report confirms that trajectory, which would bring the benchmark rate to 2.25 to 2.5 percent by the end of the year.

Gapen said he's optimistic that wage gains will pick up, ending the year at about a 3 percent increase.

President Donald Trump's administration has imposed duties on steel and aluminum imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union.

USA stock market futures dipped after the data while the dollar.DXY fell against a basket of currencies. Mining, wholesale trade, transportation and warehousing, information and financial activities remained mostly flat, the BLS said. About 37,000 were added in manufacturing, 34,000 in healthcare and 26,000 in food services. While the unemployment rate for workers with less than a high school degree is well below the prerecession level and even its 2000 low, the unemployment rate for workers with a college degree, at 2.2 percent, is still above its prerecession low of 1.8 percent and well above its 2000 low of 1.5 percent.

The economy is projected to grow at about a 3 per cent pace for the rest of the year, which would likely mean that growth for all of 2018 would top 3 per cent for the first time since 2005.

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