The pace of job growth was below economists' predictions that about 195,000 jobs would be added last month, but the Labor Department revised employment growth even higher for May and June, meaning the three-month average for job gains is 224,000, a very healthy pace at this stage of the recovery.
The economy added 157,000 jobs in July, which was almost 30,000 less than expected. Over the past year, it has hired more than a half-million Americans and stands as the leading job-creating sector. Transportation equipment had the largest gains in that sector, with 13,000 new jobs, followed by machinery with 6,000 jobs. The jobless rate is projected to decline to 3.9 percent, near an 18-year low, from 4 percent.
The pace of hiring workers in the United States slipped to its slowest in four months in July, but interest rates remain on track to rise twice more this year because of the underlying strength of the jobs market.
Thirty-seven percent of responding small business owners said they had job openings they could not fill, the highest number since the Monthly Jobs Report began, the NFIB said August 2.More news: Woods admits missing out on 15th major title at Open will 'sting'
Employment by nondepository mortgage companies in June increased for the third consecutive month as seasonal hiring continued even though home resales inched down another notch. A survey of small businesses published on Thursday showed a record number of establishments reporting they could not find workers.
According to the NFIB, the vacancies were concentrated in construction, manufacturing and wholesale trade industries.
The shortage of workers is steadily pushing up wages.
Gapen said he's optimistic that wage gains will pick up, ending the year at about a 3 percent increase. It has also slapped 25 per cent tariffs on $34 billion worth of Chinese imports.More news: Woman fined $210 for wearing burqa in Denmark under new law
Wages remain the only red flag in the USA labor market.
The labor market has accelerated as the economy expands. The solid rate of hiring reflects strong production, business confidence, and plans for expansion. The Fed increased borrowing costs in June for the second time this year. Economists will get another update on inflation next week when consumer and producer price indexes' are released. The core PCE hit the central bank's 2 per cent inflation target in March for the first time since December 2011.
Manufacturing added 37,000 jobs, the most in seven months.
She'll be overseeing the National Council for the American Worker, a cross-department body launched in July by President Trump to help train and retrain Americans for the available jobs. Retail payrolls rebounded by 7,100 jobs last month after losing 20,200 in June.More news: Researchers Successfully Put Bioengineered Lungs Into Pigs