July yields 209,000 jobs; June numbers revised up 10,000 as trade deficit shrinks

After a brief slowdown in hiring this spring, the Bureau of Labor Statistics released its July jobs report Friday revealing the seventh month of 2017 defied analysts’ expectations and produced 209,000 jobs versus 183,000 predicted.

Celebrating the release of the report, and reveling in a monthly average of 184,000 jobs created under the first seven months of his presidency, President Trump responded on Twitter.

July’s job report extends a streak of monthly job creation to a record-setting 82-straight months.

Despite the fact economic growth has hovered around two percent for eight years, market indices have produced record-high stock prices, rising corporate profits, growing consumer confidence and a trade gap which dropped to $43.6 billion in June thanks to the highest amount of U.S. exports since December 2014.

Although unemployment remained at 7 million, the unemployment rate dropped slightly from 4.4 percent to 4.3 percent in July. The labor participation rate was largely unchanged in July, at 62.2 percent, wage growth remained sluggish with average hourly wages only up 2.5 percent from one year ago.

Leading the job surge was food services, which added 53,000 jobs.  On the heels of food service, professional and business added 49,000.  The health care sector added 39,000.

Other major industries, construction, manufacturing wholesale and retail trade, transportation and warehousing, information, financial activity and government showed only a slight uptick in hiring.

The upbeat report was amplified slightly with the revelation June’s job numbers were revised.  Originally announced at 222,000, July revisions reported 231,000 positions were created.

 

[AP] [Photo courtesy Fox Business]