US job growth slows more than expected in July; unemployment rate dipsNaija247news

US job growth slows more than expected in July; unemployment rate dipsNaija247news

USA stock market futures dipped after the data while the dollar.DXY fell against a basket of currencies. "There is such a thing as slack in labor markets being removed and scarcity puts upward pressure on prices somewhere", he said.

The White House said Friday the report was a "strong showing for the surging economy" but President Donald Trump refrained from celebrating on Twitter, as he has frequently done.

The United States' headline unemployment rate dropped to 3.9 per cent in July, a month in which nonfarm payrolls in the world's largest economy rose by 157,000, the Labour Department said on Friday.

That means the economy is still producing strong payroll gains, averaging 215,000 net new jobs a month, the best since 2015.

"This is not a labor market in which you're going to get your wish list candidate", Wright said.

Unemployment has fallen this year to its lowest level since 2000, and many economists predict unemployment will fall even further this year. Sales of new homes fell sharply in June.

"This job growth is nothing to be disappointed about, particularly at this stage of the recovery", said Martha Gimbel, director of economic research at job search website Indeed.

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Average hourly pay gains remained modest, increasing 2.7 per cent from a year earlier, the same as the previous two months.

"That is pathetic", economist Joel Naroff wrote in a client note.

The numbers there looked good in July, with a major caveat. "That does not bode well for future spending".

The Federal Reserve's Beige Book report last month showed a scarcity of labour across a wide range of occupations, including highly skilled engineers, specialised construction and manufacturing workers, information technology professionals and truck drivers.

The unemployment rate fell one-tenth of a percentage point to 3.9 percent in July, even as more people entered the labor force in a sign of confidence in their job prospects.

Among the unemployed, the number of people looking for work after losing or quitting their jobs fell by almost 290,000 to 1.8 million. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires.

President Trump and Republicans have been trumpeting the stronger wage growth as a sign that their policies, particularly the large tax cuts that took effect on January 1, are working.

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