New jobs of 157,00 were added in the previous month by the U.S. employers, lesser than anticipated, based on the reports of the Bureau of Labor Statistics report published on Friday.
Jobs data for June was revised higher and anticipated an increase in the nonfarm payrolls by 193,000. Meanwhile, the unemployment rate declined to 3.9% from 4% almost near to an 18-year low.
Nonetheless, wage increase continues to be slow with the average hourly earnings increase of 0.3% in July on a monthly bases as it gained 0.1 percentage points, which is still in line with the economists’ estimates. The year-on-year growth remained at 2.7%.
An economist at Renaissance Macro, Neil Dutta, said that "The important point is that there is no sign of overheating but that aggregate wages and salaries (jobs x hours x earnings) are growing at a brisk pace".
There are still concerns on the broader economy even if the construction sector opened 19,000 jobs amid a sluggish growth in residential investment. Yet, there is a weaker performance from sports merchandise, hobby, music and book retailers where there is a decline of 31,800 jobs.
The manufacturing sector gained 37,000 jobs, mainly because of durable-goods and transportation companies, implying that trade dispute between the U.S. and China is not an impediment to the employment of factories. Last year, a recorded of 327,000 people were hired, which was the highest since twelve months to April 1995.
On another note, fewer people filing for unemployment benefits for the first time influenced a strong jobs month as an important contributor to the economy. Initial jobless claims, which indicates a massive layoff in the jobs market, reached almost a 50-year low this week with the jobs report survey figures remained at 300,000 since March 2015.
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