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Jobs Report Remains Solid, Unemployment at 16-Year Low


TD Bank economist Brian DePratto said the jobs report was a bit of a mixed bag.

The unemployment rate dipped from 4.4% in June to 4.3%, and the USA economy added 209,000 jobs in the month, well above expectations for around 180,000 new jobs.

The number of people overall in the workforce increased by 400.

The education and health care sectors gained 54,000 jobs, while manufacturing saw an increase of 16,000 jobs.

The job gains were roughly in line with the average pace of increases over the past few years of the recovery.

The average workweek for all employees on private non-farm payrolls was unchanged at 34.5 hours.

In July, the average hourly earnings rose 9 cents, or 0.3 percent, to 26.36 US dollars, faster than the 0.2 percent in June.

Average hourly wages rose 2.5% from a year ago, as expected.

Unemployment in Windsor jumped to 6.2 per cent last month, up from 5.2 in June, mainly due to more people looking for work.




In July, the US economy added 209,000 jobs, more than the 180,000 expected by economists. Will it continue to fall?

Several factors likely held back better wage growth in recent years, including weak worker productivity gains that challenge employers to justify raises and low inflation that makes it hard for firms to pass along cost increases. We'd rather have 200K growth than 100K growth, of course, so it's better than we've seen in May and March of this year.

Trump called the addition of 209,000 workers in July "Excellent Jobs Numbers" and said the job gains were only beginning, claiming deregulation undertaken by his administration will help boost the labor market. Those are signs the labor market is further tightening.

But there is one number in the jobs report that remains frustratingly subpar: wage growth.

More Americans are finding jobs, and the unemployment rate is at a 16-year low.

Instead, the focus will be on wage growth, or the lack of it, amid assertions that the labor market is so tight that workers should be getting more meaningful raises.

"Faster wage gains in lower-wage industries are helping the workers who struggle most in the labor market", Kolko said in a preview of the report.

If you're keeping track, one million new jobs have been created since January.

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