Published: Sun, August 05, 2018
Economy | By Shawn Conner

US Unemployment Drops Slightly; Job Growth Slows

US Unemployment Drops Slightly; Job Growth Slows

Employers added 157,000 jobs last month, a modest gain, the Labor Department said Friday.

The government revised the previous months' job gains by an additional 59,000.

For July 2018, the unemployment rate for Americans who dropped out of college or who have associate degrees remained steady at 3.2 percent.

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.

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In November 2017, the LeBron James Family Foundation approached the Akron school board about assisting in the creation of a school created to help at-risk kids who are lagging behind in their studies and struggling at home.

She'll be overseeing the National Council for the American Worker, a cross-department body launched in July by President Trump to help train and retrain Americans for the available jobs. The number of part-time workers who would prefer full-time work has fallen almost 13 per cent in the past year and now stands at 4.6 million.

Neil Dutta, an economist at Renaissance Macro, said following Friday's report 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".

Above you'll find the chart I run every month, showing monthly changes in total jobs since the start of the Great Recession. Retail was also sluggish, with 7,000 job gains.

Strong demand from consumers and businesses sharply reduced the stockpiles of goods held on many store shelves and warehouses. The July gain is the 93rd consecutive month of job growth.

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And analysts said the latest data could understate the strength of the labor market.

The overall unemployment rate inched down to 3.9 percent from 4 percent the month before, the Bureau of Labor Statistics (BLS) reported.

Job gains were seen in the durable goods manufacturing and health care sectors as well as in restaurants and bars. Wage growth has been stuck around that level for two years. There were declines in transport, utilities and financial payrolls last month. Small businesses (one to 49 employees) grew by 52,000 jobs, while large businesses (500 employees or more) gained 48,000 jobs. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires. Employment rose in transportation equipment (+13,000), machinery (+6,000), and electronic instruments (+2,000).

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