Wednesday, 22 August, 2018


United States jobless rate drops to 3.9%. in July; 157000 new jobs created

The unemployment rate fell to 3.9% in July	 	 	 			Unemployment stands at 4% close to an 18-year low The unemployment rate fell to 3.9% in July Unemployment stands at 4% close to an 18-year low
Conrad Doyle | 05 August, 2018, 20:12

Some envision the unemployment rate dropping as low as 3.5 percent by the end of 2018.

The world's largest economy also had a net gain of 157,000 jobs, which is less than the monthly average so far this year.

Since the beginning of this year, the USA has seen multiple economic milestones in addition to 1.5 million new jobs.

"I've never seen such a steady stream of gains - there's no volatility in the numbers", said Ellen Zentner, chief US economist at Morgan Stanley.

Hiring sizzled in July in business services, manufacturing and hospitality.

Although the overall gain for July came in slightly below expectations, figures for payroll increases in May and June were revised substantially higher. "@POTUS is keeping his promise to restore our economy and put Americans back to work", said Commerce Secretary Wilbur Ross in an August 3 tweet.

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". Despite many company executives complaining that they can not find workers to fill open positions, wage growth remains sluggish. (With revisions, it was 224,000, compared with 184,000 in the same period last year and 181,000 in 2016.) "It is incredible that at this point in a recovery you are seeing growth that is on average faster than the previous two years", she said.

Another month of sluggish wage gains could help cool fears the economy could be overheating but are unlikely to dissuade the Federal Reserve from raising interest rates next month for the third time this year.

One signal that July was a strong month can be found in the low number of people filing for unemployment benefits for the first time. Construction gained 19,000 jobs, but retail trade only 7,000.

"It appears to be that the strength of fiscal stimulus measures are outweighing any kind of effect of trade tensions", said Wright from iCIMS. Mining employment registered its first decline in 10 months in July (-4,000) but is likely to bounce back with higher energy prices propelling activity in the sector.

"Job gains occurred in professional and business services, in manufacturing, and in health care and social assistance" the report says.

The drop in government payrolls was concentrated in local governments, which shed 20,000 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.

Although the labor force participation rate was unchanged at 62.9%, it increased for the prime working-age cohort (25-54 years).

Recommended

loading...
...

Powerful natural disaster strikes Indonesia, killing at least three people Powerful natural disaster  strikes Indonesia, killing at least three people An Indonesian official said at least three people were killed by the quake , which struck in the early evening after sunset. A tsunami warning was issued by Indonesia's Disaster Mitigation Agency , which said there was potential for a tsunami .

Red alerts issued in Portugal, Spain amid smothering heat wave Red alerts issued in Portugal, Spain amid smothering heat wave In eastern Europe , Poland was also enduring unusually high temperatures as the hot African air pushed temperatures up to 34C. The day's hottest temperature of 46.8C (116.2F) was recorded at Alvega in the centre of Portugal .

20 people killed after old-time plane crashes in Swiss Alps, authorities say 20 people killed after old-time plane crashes in Swiss Alps, authorities say Nidwalden canton (state) police said that the aircraft went down near the town of Hergiswil today morning. JU-Air CEO Kurt Waldmeier told reporters that the plane had undergone maintenance inspection in July.

China vows to safeguard Iranian nuclear deal China vows to safeguard Iranian nuclear deal US President Donald Trump withdrew from the Iran nuclear deal in May, and Washington now plans to reimpose sanctions on Tehran . Their arrival means Iran Air has received 13 of the 20 it ordered from the French-Italian manufacturer in April 2017.

Tiger Woods chases 9th win at Firestone Country Club Tiger Woods chases 9th win at Firestone Country Club The 14-time Major champion feels he is in good shape and ready to win again after recovering from a long-term injury. Also playing in the morning session will be Shubhankar Sharma as two Indians will play the event for the first time.

Plane crashes minutes after take-off with 'at least 80 on board' Plane crashes minutes after take-off with 'at least 80 on board' We are doing everything in our reach to assist them and their families", Andres Conesa, the chief executive of Aeromexico said. He said he didn't know if it was a lightning bolt or a mechanical problem and that they had just taken off when the plane fell.

Former Viking Randy Moss inducted into Hall of Fame Former Viking Randy Moss inducted into Hall of Fame "I love everything about football: the friendships, the coaches, the teachers, the challenges, the opportunity to excel". Owens became emotional when talking about his mother, Marilyn Owens Heard, and late grandmother, Alice Black.

China wants military drills with ASEAN in disputed sea, excluding US China wants military drills with ASEAN in disputed sea, excluding US Singapore's prime minister said on Thursday the deal would create the world's largest trading bloc, covering a third of the global economy.

Venezuelan President Unharmed After Assassination Attempt By Explosive Drones Venezuelan President Unharmed After Assassination Attempt By Explosive Drones Maduro accused current Colombian President Santos of being behind the assassination attack with others involved. He said the President is safe and meeting with the ministers and high commanders of the Venezuelan military.

Flat tire started deadly Carr Fire, days of devastation in California Flat tire started deadly Carr Fire, days of devastation in California The report says the death of the 10-year veteran highlights the need for better risk assessment, communication and supervision. Wind-driven flames roll over a hill towards homes during the River Fire (Mendocino Complex) near Lakeport, California, U.S.

Will he or won’t he? Trump sows confusion on shutdown plans Will he or won’t he? Trump sows confusion on shutdown plans The Senate's version of the same homeland security bill would allocate only $1.6 billion. The House is in recess and won't return until after Labor Day.

Crude Market Tightening Concerns Send US Crude Back Over $70/bbl Crude Market Tightening Concerns Send US Crude Back Over $70/bbl West Texas Intermediate futures slipped 1.2%, after climbing 2.1% to surpass US$70 a barrel on Monday. September WTI fell 92 cents, or 1.32%, to settle at $$68.69 a barrel, for a weekly gain of 0.6%.

Jurgen Klopp explains dual importance of Liverpool’s upcoming Anfield friendly against Torino Jurgen Klopp explains dual importance of Liverpool’s upcoming Anfield friendly against Torino Liverpool manager Jurgen Klopp confirmed the news to Liverpool's official website : "It's pretty likely (he'll make his debut)". Shaka Hislop believes Real Madrid target Thibaut Courtois is still better than Liverpool FC number one Alisson Becker .

Newshour, US hits Turkey with sanctions over jailed pastor Newshour, US hits Turkey with sanctions over jailed pastor The pastor denies the charges against him and his defence team argues the case is built on questionable witness statements. Ankara is turning towards China to overcome what Erdogan said were "subjective evaluations" from ratings agencies.

Weld County man hospitalized with West Nile Virus Weld County man hospitalized with West Nile Virus Seventeen people died due to the Nipah virus in Kerala, out of which 16 cases were confirmed in lab. Carroll said West Nile is elevated in the Lehigh Valley this year, but no records have been broken.