Published: Sun, August 05, 2018
Markets | By Erika Turner

Healthcare added 34% fewer jobs in July

Healthcare added 34% fewer jobs in July

Education and health services added 22,000 jobs last month, the fewest since October 2017, after boosting payrolls by 69,000 jobs in June.

The U.S. economy added 157,000 jobs in July, below analyst expectations for 190,000 jobs to be added in the month, while the unemployment rate decreased month over month and wage growth met expectations. Last week, the commerce department reported that GDP had grown at an annual rate of 4.1% in the second quarter, the fastest pace in almost four years.

With rising gas prices pushing up inflation, Americans actually saw their inflation-adjusted pay decrease in the past year. The unemployment rate fell from 4 percent to 3.9 percent.

The overall unemployment rate inched down to 3.9 percent from 4 percent the month before, the Bureau of Labor Statistics (BLS) reported. Over the past year, it has hired more than a half-million Americans and stands as the leading job-creating sector.

The category of sporting goods, hobby, book and music stores lost 31,800 jobs, a decline probably tied to 33,000 job losses at shuttered retailer Toys "R" Us Inc. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires.

China urges United States to return to reason
Trade Representative Robert Lighthizer to consider hiking the duties, which could be implemented as early as next month. Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement .

Stocks rose moderately after the report was released.

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.

Gapen said he's optimistic that wage gains will pick up, ending the year at about a 3 percent increase.

"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. Manufacturers, among the most directly affected by the import taxes, added 37,000 jobs, the most in seven months. Mining, wholesale trade, transportation and warehousing, information and financial activities remained mostly flat, the BLS said. The new spending follows a 60 percent jump in oil prices in the past year.

In a VOA interview via Skype, Cramer says so far, there is little evidence that Washington's many trade disputes have hurt employment, but that could change if the bickering goes on for "six or eight months". As economic momentum continues, the labor force is still growing and unemployment is receding, resulting in a tick down in the unemployment rate and a rise in the employment-to-population ratio.

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