Employment overall lags, while trucking adds 4400 jobs in July

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"The basic story of the labor market has been a slow and steady recovery of month after month of impressive jobs gains", said Michael Strain, director of economic policy studies at the right-leaning American Enterprise Institute.

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 jobs data released on Friday followed a report that the U.S. trade deficit widened in June for the first time in four months as exports fell and imports grew.

The economy added 157,000 jobs in July, which was almost 30,000 less than expected.

Although June typically is a busy month for home sales, purchases of pre-owned homes declined due to factors that include limited inventory, higher year-over-year mortgage rates and increases in home prices that outpaced wage growth.

Overall, there were almost 5.5 million people in July who wanted a job but weren't counted as unemployed, which is a drop from over 5.7 million a year ago.

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"Today's #JobsReport shows the continued strength of our economy".

Asian unemployment dropped to 3.1 percent while black unemployment, still hovering around historical lows, increased slightly to 6.6 percent. Below that was outpatient care centers, adding 4,300 jobs.

One cloud on the horizon has been the Trump administration's trade fights with China, the European Union, Canada and Mexico. Increased labor market churn will place upward pressure on wages. Monthly payroll gains of around 100,000 or even as low as 80,000 are seen as sufficient to push down the unemployment rate over time. The BLS also provides a rate that counts in people who looked for work in the past 12 months as well as people who work part-time but want a full-time job. Business and consumers are optimistic, suggesting solid hiring is likely to continue. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires.

The additional signs of strength in the job market could add to concerns the Federal Reserve would move to raise the key lending rate more aggressively.

People looking for jobs at factories had a better chance of being hired last month.

Transportation payrolls dropped by 1,300 jobs last month, with transit and ground transportation employment declining by 14,800 jobs. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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