United States unemployment fell to 3.9% in July

United States unemployment fell to 3.9% in July

United States unemployment fell to 3.9% in July

Non-farm payrolls advanced 157,000 after an upwardly revised 248,000 increase, Labor Department figures showed Friday.

At this stage in a record stretch of job growth that began in 2010, however, all eyes are on wages because they've been much slower to recover from the Great Recession. That's near an 18-year low of 3.8 per cent reached in May.

Economists forecast that employers added 193,000 nonfarm payrolls on net last month, according to a Bloomberg survey. "This is an issue not just for the USA, but in every other developed market".

"I've never seen such a steady stream of gains - there's no volatility in the numbers", said Ellen Zentner, chief USA economist at Morgan Stanley. Transportation, mining and financial services did not hire much in July.

"This is not a labor market in which you're going to get your wish list candidate", Wright said.

The category of sporting goods, hobby, book and music stores lost 31,800 jobs, a decline probably tied to 33,000 job losses at shuttered retailer Toys "R" Us Inc. Over the year, the industry has added 203,000 jobs. But many potential workers are still on the sidelines, and Congress has an opening to help. Consumers are also benefiting from higher after-tax income, which grew last month at the fastest pace in a year, aided by the tax cuts. With revisions, job gains have averaged 224,000 a month. Retail was also sluggish, with 7,000 job gains.

A collective upward revision of 59,000 for May and June brought the three-month average for job creation to 224,000, faster than the growth pace seen previous year.

In a VOA interview via Skype, Cramer says so far, there is little evidence that Washington's many trade disputes have hurt employment, but that could change if the bickering goes on for "six or eight months".

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Government employment fell by 13,000 jobs in July. Within social assistance, individual and family services added 16,000 jobs in July and 77,000 jobs over the year.

Among the unemployed, the number of people looking for work after losing or quitting their jobs fell by almost 290,000 to 1.8 million.

The participation rate, or share of working-age people in jobs or actively looking, was unchanged at 62.9 percent.

Less educated workers have been the big gainers in terms of employment in the last few years of the recovery.

The employment-population ratio, another broad measure of labor-market health, rose to 60.5 percent, the highest since early 2009, from 60.4 percent. "This is only the eighth time that the monthly unemployment rate has fallen below 4.0 per cent since 1970, and three of those months happened under President (Donald) Trump in 2018", US Labour Secretary Alexander Acosta said in a statement on the July jobs report.

But the unemployment rate is an incomplete indicator, as it excludes people who didn't look for work in the past four weeks.

"There is a record 156 million people in the labour force".

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