July 2018 Unemployment Rate Falls to 3.9% … 37,000 Manufacturing Jobs Created … Record Low Hispanic Unemployment at 4.5%
UNEMPLOYMENT RATE FALLS TO 3.9% …
From CNBC, although the total nonfarm payrolls increased by 157,000 for the month, below the 190,000 expected … the unemployment rate fell to 3.9%. However, there are some gems in this jobs report. Manufacturing increased by 37,000 jobs bringing the 12-month total gain to 327,000. Remember when we were told that we would never see these types of jobs again, unless Trump had a magic wand.
According to the Bureau of Labor Statistics reported Friday, unemployment for Hispanic workers again hit a new record low in July of 4.5%.
Payroll growth turned sluggish in July after two robust months, though the unemployment rate edged lower and the overall jobs picture continued to look solid, according to Labor Department numbers released Friday.
Total nonfarm payrolls increased by 157,000 for the month, below the 190,000 expected in a survey of Reuters economists and the lowest gain since March. The unemployment rate fell one-tenth of a percentage point to 3.9 percent, as expected, and is around its lowest level in nearly 50 years.
In the key wages category, average hourly earnings also met expectations, increasing 2.7 percent over the same period a year ago. The Federal Reserve is closely watching the wages component as it seeks to meet its 2 percent inflation target.
Though the July reading missed estimates, previous months’ report were revised substantially higher. The May reading jumped from 244,000 to 268,000 while June’s number increased from 213,000 originally reported up to 248,000, for a total net upward revision of 59,000 for the two months.
Average gains for the three-month period were a strong 224,000.
37,000 more manufacturing jobs created with Trump’s magic wand