July was another record-breaking month for job creation
reported Friday that payrolls grew for the month of July by 164,00, setting a new record for consecutive economic growth. Unemployment remains at 3.7%, a multi-decade low. Wages continued to increase at a 3.2% gain compared to last year at this time. The U.S. total labor force stands strong at 163.4 million people—another record high.
Some say that the Labor Department shies away from the difficult discussion around the real unemployment rate. This refers to people who are discouraged workers and the underemployed. Friday’s report reflects that the real unemployment rate dropped to its lowest level since December 2000 and is at 7%.
The Federal Reserve Bank, concerned about potential economic problems in the U.S. and abroad , cut their benchmark interest rate this week a quarter percentage point. Professional and technical services jobs were a big gainer with 31,000 new positions added. The healthcare sector increased by 30,000 and financial activities 18,000. Concerns of a manufacturing slowdown were unfounded as jobs in the sector grew by 20,000. Nissan Motors announced a global downsizing of 12,500 jobs—with. There are concerns from U.S. automakers around refitting their factories to produce electric cars and driverless technology.
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