July jobs report: 4 things to know

  • 06/08/2017
July jobs report: 4 things to know
President Donald Trump was so excited by the good news in Friday's jobs report that he jumped the gun to tweet about it, violating a federal rule that requires an hour between when a report is released, and when federal officials can comment on the numbers.

The unemployment rate edged lower to 4.3%, matching May's figure which was the lowest since 2001. Just after the Great Recession in 2009, unemployment peaked at 10%.

Many economists say the United States is at or near "full employment", meaning the unemployment rate won't go down significantly more.

One reason for the lacklustre wage growth may be that numerous job gains this year have been in lower-paid industries such as leisure and hospitality, where the average hourly wage was less than $15.50 in July.

"The mystery continues to be with the labour market this tight, and the level of improvement we continue to see, that wages stubbornly stay at 2% year-over-year wage growth".

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"I apologize if we were a little excited, and we were so glad to see so many fellow Americans back to work", he said at that time, but he also said he believed there was little effect to violating the rule, which was partly put in place to stem market fluctuations. "Are we going to see more wage increases for USA workers?"

The White House did not respond to a request for comment Friday on Trump's apparent violation of the rule.

That sector is responsible for nearly a quarter of the more than 1m job gains since January. A slew of factors throughout the economy affect hiring decisions. If the numbers come in as expected, July's gains could push the Trump presidency over the 1 million threshold. Restaurants and bars added 53,000 employees.

Employment in health care and professional and business services also saw strong growth. Manufacturing firms hired 16,000 workers.

"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.
  
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