USA jobs growth slows more than expected in July

05 August, 2018, 22:43 | Author: Shannon Aguilar
  • Biz
July 2018 Jobs Report Payroll Growth Slows

Employers added 157,000 jobs in July - 33,000 fewer than expected and well below the 248,000 created in June.

One important factor driving economists' forecast for a strong jobs month overall was the low number of people filing for unemployment benefits for the first time.

USA employers added 157,000 jobs last month, fewer than expected, according to a Bureau of Labor Statistics report released Friday. The economy grew at 4.1% during the second quarter, its fastest place in almost four years. Hospitals added 6,800 jobs in July, 36% fewer than the 10,600 new jobs added in June, a month that represented a massive hiring spike from sluggish May growth. Job gains, low unemployment, and flexibility in labor markets have lifted household optimism about the jobs market to its highest level since the early 2000s.

The BLS figures contrast with those of payroll services firm ADP Inc., whose employment report issued August 1 stated that USA private sector employment increased by 219,000 jobs in July.

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". That kept the annual increase in wages at 2.7% in July. Economists were watching manufacturing closely for signs of a drag from the Trump administration's escalation of trade tensions with China and allies. Increased labor market churn will place upward pressure on wages.

The unemployment rate remains at a record low as employers fall slightly short of analyst's expectations for July. With revisions, job gains have averaged 224,000 a month over the past three months. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires.

Biz
July 2018 Jobs Report Payroll Growth Slows
Biz July 2018 Jobs Report Payroll Growth Slows

"Price hikes tied to tariffs are likely to exacerbate that dynamic in the third quarter, which will leave the Federal Reserve raising rates without the wage gains that usually accompany inflation", she said. Let's go inside the latest jobs report as leading human capital experts weigh in.

People looking for jobs at factories had a better chance of being hired last month.

Last month, the manufacturing sector added 37,000 jobs.

The slip in hiring last month may be temporary.

Construction boosted jobs by 19,000 following a 13,000 gain.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

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