American job growth falls short of expectations in July
05 August, 2018, 22:43
July marked a solid month for the USA labor market according to the US Department of Commerce's Employment Report released this morning.
The July jobs report indicated that United States employers added 157,000 jobs on net last month, fewer than economists expected. The BLS also provides a rate that counts in people who looked for work in the past 12 months as well as people who work part-time but want a full-time job. Many business leaders have warned that the standoffs with China, the European Union and other major trading partners could cause layoffs if tariffs stay in place for an extended period of time.
Economists forecast that employers added 193,000 nonfarm payrolls on net last month, according to a Bloomberg survey. "'Help Wanted' is still the most prevalent signage you'll see in an industrial park".
Last month, the manufacturing sector added 37,000 jobs. Transportation, mining and financial services did not hire much in July. Over the year, the industry has added 203,000 jobs.
Professionals from both the executive search and talent management sectors weighed in on what they are seeing not only in the US but other parts of the globe as well.
"Congress and the administration have taken important steps in recent weeks to tackle this challenge, but this jobs report is a reminder that more work needs to be done through partnerships with the private sector to solve the workforce crisis", she said.
"House price appreciation has exceeded wage growth for six years, so any signal that wage growth may be closing the gap is good news", said Fleming.
The moderation in employment gains and steady wage growth could ease concerns about the economy overheating, and keep the Fed on a gradual path of monetary policy tightening. Other sectors are seeing wages stagnate or even fall.
Workers with only a high school degree also seem to be doing relatively better, with a 4.0 percent unemployment rate matching the prerecession low (it had been 3.9 percent in May), although still above the 3.2 percent low hit in 1999.
The low unemployment rate could encourage the Federal Reserve to...
The last time the US economy had such low unemployment in the late 1990s, wage growth was substantially higher. Below that was outpatient care centers, adding 4,300 jobs. Let's go inside the latest jobs report as leading human capital experts weigh in. The employment-to-population ratio, a measure of how many adult Americans are working, is now 60.5 percent, up from 60.2 percent a year ago, a sign that more people are reentering the labor force. This sector has now created 192,000 new jobs this year. The U.S. central bank said "the labor market has continued to strengthen and economic activity has been rising at a strong rate".
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