Monday, 21 August, 2017

Unemployment rate drops to lowest point since November 2016

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Juana Turner | 05 August, 2017, 00:24

July was the 82nd consecutive month of job growth. "Working-age adults are now more likely to be employed than at any time since the recession".

Recent research suggests that employment levels have recovered from the Great Recession. The unemployment rate ticked down to 4.3% from 4.4% the prior month as more people joined the workforce.

Canada's labour market continued its stellar performance in July, with the jobless rate falling to the lowest since before the financial crisis. In June, there were 6,977,000 who were unemployed and in July that number grew to 6,981,000.

The number of people not in the labor force declined slightly, from 94.81 million in June to 94.66 million in July. What happens to the unemployment rate among those without a high school degree? Thomas area fell to 5.6% last month, from 6% in June. In other words, it's not simply a matter of Americans not finding work when they do choose to be part of the labor force, but of Americans choosing to drop out because they can afford to.

If you're keeping track, one million new jobs have been created since January. "And most economists would like to see wages rising more quickly". "We're seeing more jobs that don't require a college degree get posted". Professional and business services are up 49,000 jobs, the health care industry is up 39,000 jobs, and manufacturing is up 16,000 jobs.

While mining jobs only increased by 1,000 jobs in July, the U.S.is averaging 7,000 new mining jobs per month since President Donald Trump's election in November of 2016.

Additionally, wage growth remains roughly in line with where it's been stuck for the past few years.

"Until that trend reverses, the gains from today's economy will not be translating into improved paychecks for the average American worker", Chamberlain added. Year over year, the number of people not in the labor force rose from 92.92 million to 93.24 million, while the number of people who now want a job dropped from 6.2 million to 5.7 million. What's more, employers boosted wages. Friday's 2.5% year-over-year growth in average hourly earnings is the 17th straight month wages have risen between 2.4% and 2.9%.

"While we're still mystified by the muted wage growth, wages among the lower 25th percentile is growing a lot faster than those who are at the top 75th percentile", Barrera said.

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