Economy Gains 157,000 Jobs in July; Unemployment Little Changed at 3.9%

Economy Gains 157,000 Jobs in July; Unemployment Little Changed at 3.9%

The U.S. economy gained 157,000 jobs in July, and unemployment was little changed at 3.9%, according to figures released this morning by the U.S. Bureau of Labor Statistics. Since the labor market continues to recover at only a tempered pace, the Federal Reserve’s Open Market Committee did the right thing to hold off on further rate hikes. It would be well-advised to continue on that cautious path.

In response to the July jobs numbers, AFL-CIO Chief Economist William Spriggs tweeted:

Last month’s biggest job gains were in professional and business services (51,000), manufacturing (37,000), health care and social assistance (34,000), food services and drinking places (26,000), construction (19,000) and retail trade (7,000). Employment showed little or no change over the month in other major industries, including mining, wholesale trade, transportation and warehousing, information, financial activities and government.

Among the major worker groups, the unemployment rates declined for adult men (3.4%) and whites (3.4%), while the rates for teenagers (13.1%), blacks (6.6%), Hispanics (4.5%), adult women (3.7%) and Asians (3.1%) showed little or no change in July.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged in July and accounted for 22.7% of the unemployed.

Kenneth Quinnell
Fri, 08/03/2018 – 10:41

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Updated: August 17, 2018 — 1:44 am