The U.S. economy added 157,000 new jobs in July and the unemployment rate fell to 3.9%, but wage growth continued to lag behind inflation. Economists surveyed by Bloomberg forecast 193,000 new jobs and an unemployment rate of 3.9%.
The bottom line: The U.S. economy is still in the longest-ever streak of job growth. The Labor Department today also increased prior month estimates for job growth. “The reality is the economy is on a very strong trajectory,” Invesco Chief Global Market Strategist Kristina Hooper tells CNBC. Yet a years-long wages slog for working America continues…..
On Friday, the Bureau of Labor Statistics released its monthly report on employment in the United States The top-line figure, the number of jobs added to payrolls in July, was an increase of 157,000 — good, but lower than what economists had projected for the month.
Trump’s standard, though, was that jobs numbers would be well above normal, not in line with past trends or even slightly below. On that metric, the president’s promises, the jobs report was far from what was promised…..
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