The Bureau of Labor Statistics has released the previous month’s jobs report and there are now a record 155,965,000 people employed throughout the country, the 11th record-breaking month since President Donald Trump took office 19 months ago. The total non-farm payroll for the month of July increased by 157,000, down from the 190,000 economists originally predicted. Nevertheless, unemployment edges lower and the national jobs realm continues to look strong.
The unemployment rate fell one-tenth of a percentage point to 3.9 percent, around its lowest level in nearly 50 years, according to a report from CNBC. Worker’s wages hit a plateau of growth as they increased just 2.7 percent year-over-year, right on track with previous forecasts.
A lesser-reported economic figure, U-6, the alternative measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons, which is sometimes called the “real” unemployment rate, also fell from 8.1 percent in June to 7.9 percent in July.
Although the month of July missed many jobs estimates, the revised figures from previous months made up for it. The May reading jumped from 244,000 to 268,000 and while June’s figure increased from 213,000 to 248,000, a total net upward revision of 59,000 for the two months. Therefore, the average monthly gain over the second quarter stands at 224,000 jobs, which comes as the economy exhibited considerably stronger growth with GDP rising 4.1 percent.
Job growth was seen in industries across the board.
Spurred by big gains in transportation and machinery, manufacturing jobs increased by 37,000. The construction sector added 19,000, despite declining home sales. Healthcare and social assistance added 34,000. Restaurants and bars combined for an increase of 26,000.
The news comes as the Atlanta Federal Reserve predicts five percent GDP growth in the third financial quarter. Furthermore, the U.S. central bank is closely watching the wages component of the economy as it seeks to meet its two percent inflation target for the year.
