US Employment Jumps By 209000 Jobs In July, More Than Expected
00:25, Aug 5, 2017
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But the drop in the labour force in June and July reverses a trend of solid growth seen from February to May.
That may be holding down wages overall, but it's still a good sign that people are able to find work. Doing the most hiring: restaurants and bars, professional and business services, and healthcare. Job gains have averaged 184,000 per month so far this year, slightly lower than last year's pace, according to David Berson, chief economist at Nationwide Mutual.
Nonfarm payrolls rose by a seasonally adjusted 209,000 in July from the prior month, the Labor Department said Friday.
Average hourly earnings increased by 9 cents to $26.36 in July. Still, over the year, average hourly earnings have risen by 65 cents, or 2.5%.
The U.S. economy created 209,000 jobs last month, according to the most recent Bureau of Labor Statistics jobs report, exceeding expert predictions by almost 30,000 jobs.
More Americans who were on the sidelines jumped back into the job market in July to look for work.
Statistics Canada says the province's unemployment rate last month was 6.6 per cent, up from 6.5 per cent in June. The number of women of this age and older who reported having jobs rose by 14,000 from June and by 66,000 from a year earlier. "Are we going to see more wages increase for USA workers?" In leisure and hospitality, which typically carries lower pay, annual wage gains of 3.8 percent outpaced the average.
But there is one number in the jobs report that remains frustratingly subpar: wage growth. Another of Trump's favorite industries, coal mining, has added just 100 jobs in the first seven months of the year.
July's additions also signify a notable turning point for the USA economy: After accounting for shifts in population, the level of employment has returned to what it was at in November 2007, before the recession decimated the job market, according to new research by the Brooking Institution's Hamilton project. Amazon this week held a series of job fairs to hire about 50,000 workers.
However, some analysts stressed that U.S. 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.
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