US job growth slows in July, unemployment rate drops

US job growth slows in July, unemployment rate drops

As The Washington Examiner noted, the number is just slightly below the previous record of 4.6 percent set in July.

On Friday, China's Commerce Ministry said a new set of proposed import tariffs on $60 billion worth of US goods are rational and restrained and warned that it reserves the right of further countermeasures in the intensifying trade war.

The Labor Department released the latest jobs numbers this morning, revealing that the economy added 157,000 jobs in July, while the unemployment rate dipped to 3.9 percent.

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. Most service sectors posted below-trend gains after a very strong prior two months, with only leisure and hospitality (+40,000) and professional business services (+51,000) posting solid gains. The White House has slapped tariffs on steel and aluminum and on $34 billion of imports from China, and several companies have hit USA imports with retaliatory duties. (With revisions, it was 224,000, compared with 184,000 in the same period last year and 181,000 in 2016.) "It is wonderful that at this point in a recovery you are seeing growth that is on average faster than the previous two years", she said.

Average hourly earnings increased seven cents, or 0.3 percent, in July after gaining 0.1 percent in June.

China warns it could retaliate with tariffs on $60B
China says the United States is trying to stop the rise of a competitor and it has imposed its own tariffs on USA goods. Increasing the rates to 25 percent could make them significantly more painful.

"It is wonderful that at this point in a recovery you are seeing growth that is on average faster than the previous two years", she reportedly said. The unemployment rate for those without a high-school diploma fell to 5.1 per cent, the lowest on record. African-American and Hispanic unemployment rates are hovering around the lowest rates since the Labor Department began recording those statistics in the early 1970s. Mining, wholesale trade, transportation and warehousing, information and financial activities remained mostly flat, the BLS said.

Experts blamed some of the change on closing retail stores, but said the labor market remains tight, with more openings than jobs overall. This suggests that the trade disputes between the United States and China are not yet slowing down hiring in manufacturing.

The participation rate, or share of working-age people in jobs or actively looking, was unchanged at 62.9 percent.

Restaurants, bars and hotels added 40,000 jobs, the most in nine months.

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