Trump touts economic gains on heels of big July jobs report

  • Donald Trump
  • 05/08/2017
Trump touts economic gains on heels of big July jobs report
USA stocks index futures extended gains on Friday after a report from the Labor Department showed monthly employment numbers for July came in above expectations.

The Labor Department said on Friday that nonfarm payrolls increased by 209,000 jobs last month amid broad-based gains.

In July, health care employment increased by 39,000, with job gains occurring in ambulatory health care services (up 30,000) and hospitals (up 7,000).

Only 900 jobs were added in retail, but other industries saw major gains.

However, that number is offset by a gain of 23-hundred part-time positions.

In addition, the previous two months were revised upward by 47,000 jobs.

Shortly after the report's release, President Donald Trump tweeted about the report, saying "Excellent Jobs Numbers just released - and I have only just begun". In June their unemployment rate was 6.4 percent.

"There's still lots of people coming back into the labor force, looking for jobs", said Steve Rick, chief economist at CUNA Mutual, an insurance firm. The total increase over the past year of 387,600 is the biggest 12-month gain since 2007. Average hourly earnings growth in the past year remained steady at 2.5%.

The number of jobs added to the USA economy in July is not the most important thing that will be revealed in Friday's jobs report. There were also increases in manufacturing and construction employment.

Meanwhile, the index of aggregate weekly hours advanced at a 0.2% month-on-month clip with the number of average weekly hours steady at 34.5 (consensus: 34.5). Canada's currency is still up 6.4 per cent this year.

The initial estimate from June showed an addition of 222,000 jobs, which makes July a little less robust.

Many economists say the United States is at or near "full employment", meaning the unemployment rate won't go down significantly more. Economists generally would like to see wage growth climb at a 3% annual level.

Average hourly earnings for all employees on private non-farm payrolls rose in July by nine cents to $26.36 per hour. The rate over the last twelve months was 2.5 percent.
  
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