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View Full Version : US jobs report: economy adds 209,000 jobs in July


Living For Love
September 24th, 2017, 08:50 AM
This is almost two months old, but still worth of mentioning.

The US economy added 209,000 new jobs in July – the second month in a row of 200,000-plus jobs growth. The unemployment rate fell to 4.3%, a 16-year low.

Economists had forecast the US would add 180,000 jobs in July, in line with the average monthly gain for the last six months.

The latest jobs news will come as a welcome relief for Donald Trump, who was elected on the promise of rebuilding the US jobs market.

“Excellent Jobs Numbers just released,” the president tweeted (https://twitter.com/realDonaldTrump/status/893452922427715584), “and I have only just begun. Many job stifling regulations continue to fall. Movement back to USA!”

Ahead of the latest figures from the Bureau of Labor Statistics, the president heralded the announcement that Toyota and Mazda would soon be adding 4,000 new jobs at two new US plants.

https://i.imgur.com/TUL0MyG.png

June’s job gains were revised up from 222,000 to 231,000.

However, the jobs report showed once again that the majority of gains were in low-paying service industries. Jobs in food services and drinking establishments rose by 53,000 in July. The industry has added 313,000 jobs over the year. Healthcare employment increased by 39,000. Job growth in higher-paid sectors including construction, manufacturing and mining was marginal.

Wage growth has remained lackluster since the recovery from the last recession and was a mediocre 2.5% higher in July this year compared to July 2016.

“Overall, this morning’s report shows the recovery continues, but with wage growth below target levels, it is abundantly clear that we have a ways to go before we reach genuine full employment – where workers including young and old, and workers of all races can fully benefit from the economy,” wrote Economics Policy Institute senior economist Elise Gould.