Many financial experts have taken to social media to tout the country’s job growth.
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The Labor Department statistics for job growth tops most other analysts’ estimates, including the ADP National Employment Report, which used it’s own data to conclude that private sector employment increased by 179,000 Jobs in July. However, the report also suggested that the economy is not at the risk of decreasing the number of jobs in the market any time soon. Job gains for May and June were revised up a bit too. Job gains have averaged 190,000 a month for the last three months.
Employment in mining industry continued to disappoint with 6,000 job losses last month.
The rate of unemployment did not change remaining at its June rate of 4.9%, as more individuals enter the labor market. More important to numerous record 151.5 million Americans now holding jobs is the rise in wages, an 8-cent-an-hour increase, or 0.3 percent, resulting in a 2.6 percent year-over-year improvement.
In contrast with the solid job market, overall economic output over the first half of 2016 has averaged a meager 1 percent, roughly half the already muted rate of growth during the stubbornly slow recovery.
Meanwhile, according to Friday’s not seasonally-adjusted data, the unemployment rate among the foreign-born was 4.2 percent and the labor force participation rate was 65.7 percent.
She sees full employment as a benchmark for judging the U.S. economy is truly recovering from the 2007-09 recession and raises the probability of an interest rate hike from the Federal Reserve this year.
The unemployment rate held at 4.9 percent in July, and the number of unemployed persons was essentially unchanged at 7.8 million.
But the July jobs report will reinforce beliefs that the hugely disappointing May jobs report was a blip, and that the long-term trend shows the us economy to be on a trajectory of robust growth.
The manufacturing sector is expected to have added jobs in July for a second straight month. Duncan said “the report gives support to those on the Fed hoping to increase rates this year, especially if the numbers are supported in future releases”.
Sending a somewhat contrary signal, the Commerce Department said last month that economic activity had grown by just 1.2 per cent in the second quarter.
The 0.3 per cent increase in average hourly earnings left the year-on-year gain at 2.6 per cent.
Not all groups benefited last month. “Wages and labor force participation are also up, which is another sign that the USA economy is moving in the right direction”. Weak business investment in recent months, especially by energy companies hurt by slumping oil prices, has undercut strong consumer spending.
“Over seven years later, Americans are still waiting for the economy they deserve”.
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Those are the workers to whom Donald Trump appeals, so they’re not likely to shed their negative perceptions of the American economy, nor will Bernie Sanders’ supporters for different reasons.
