United States jobs growth slows more than expected in July

US jobs growth slows more than expected in July

Let's go inside the latest jobs report as leading human capital experts weigh in. The unemployment rate is near its lowed point since 2000. "This is an issue not just for the USA, but in every other developed market".

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

Despite many businesses' trouble finding qualified workers, they are still hiring and looking outside traditional pools for talent.

An increase in wages that occurred in June also could help the housing market even though it remains below the pre-recession rate of growth, he added.

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■ Average hourly earnings rose by 7 cents to $27.05.

"Congress and the administration have taken important steps in recent weeks to tackle this challenge, but this jobs report is a reminder that more work needs to be done through partnerships with the private sector to solve the workforce crisis", she said.

The Bureau of Labor Statistics will release the July jobs report at 8:30 a.m. ET. "Those revisions give us 59,000 jobs added that we didn't know we had before".

Job growth at 157,000 in July was less robust than expected.

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President Trump and Republicans have been trumpeting the stronger wage growth as a sign that their policies, particularly the large tax cuts that took effect on January 1, are working. In the service sector, hiring of 118,000 was the lowest since December, partly reflecting the cuts at Toys "R" Us. 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 drop in government payrolls was concentrated in local governments, which shed 20,000 jobs. There are about 6.6 million unfilled jobs in the nation. Year-on-year growth was unchanged at 2.7%. The employment to population (EP) ratio for that group also rose to 79.5%, the highest it has been since May 2008. The unemployment rate fell one-tenth of a percentage point to 3.9 percent, as expected and is around its lowest level in almost 50 years.

The household survey was stronger than the establishment survey in July, with its measure of employment rising by 389,000 and the labor force increasing by 1.8 million.

Short workweeks have been a source of frustration for many lower-income workers in service industries such as retail, fast food restaurants, and hotels.

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