United States jobs report: July disappoints with only 157,000 jobs added

United States jobs report: July disappoints with only 157,000 jobs added

USA establishments added a net new 157,000 jobs, following the upwardly revised average gains in May and June of an outsized 258,000. Despite a fall in employment in the transportation and utilities sectors, the overall rate of unemployment dipped to 3.9 per cent in July from 4 per cent in June.

The U.S. economy has added jobs for 94 consecutive months, a record streak that shows no signs of waning, despite President Donald Trump's escalating trade war. About 37,000 were added in manufacturing, 34,000 in healthcare and 26,000 in food services. Retail payrolls rebounded by 7,100 jobs last month after losing 20,200 in June.

The U.S. labor market continues to strengthen.

One theory for why wage growth is not picking up more is that many Americans gave up looking for jobs in the aftermath of the Great Recession, but people are now looking again as they see the strong job market. A category called other ambulatory healthcare services dropped by 1,200 jobs, and offices of other healthcare practitioners lost 900 jobs.

Following this report stock futures remained lower, but had little reaction to the jobs report itself.

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Many of his client firms are realizing that there is "excellent talent" among contractors, he said. "But we are getting very modest wage inflation". "That means a permanent fix to global steel overcapacity, additional pressure on China to stop its anticompetitive practices, and a modernized NAFTA that is better for the working class in all three nations".

Nonbank mortgage lenders and brokers employed 345,400 people during the month, according to the Bureau of Labor Statistics.

Total nonfarm payrolls increased by 157,000 for the month, below the 190,000 expected in a Reuters survey of economists and the lowest gain since March.

Employers in the manufacturing sector extended a strong streak of job gains, suggesting that trade disputes hadn't yet weighed on hiring decisions in a major way. Prices of U.S. Treasuries were slightly higher. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires. Mining employment registered its first decline in 10 months in July (-4,000) but is likely to bounce back with higher energy prices propelling activity in the sector. Lee said, creating an urgent need to increase workers' skills for the technology-driven jobs of the future.

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