Thank you President Donald Trump! More jobs were added to the US economy in July than ever expected!!
Our economy is booming with an addition 209,000 jobs added last month alone! The month before, there were 231,000 added.
Fox News reports:
Hiring in the last month was strong enough to absorb new entrants into the workforce. The labor force participation rate ticked higher to 62.9% from 62.8%, but the unemployment rate fell to 4.3% from 4.4%, tying a 16-year low.
— Donald J. Trump (@realDonaldTrump) August 4, 2017
Sameer Samana, global quantitative strategist for Wells Fargo Investment Institute, said the unemployment rate’s decline amid a rising participation rate is a positive sign for the U.S. economy.
Samana stated, “It shows that this is a very robust labor market.”
The unemployment rate in July met expectations at 4.3%. Jobs growth surprised economists, who estimated that employers would add 183,000 net new jobs.
However, wages remained mostly stagnant. The average hourly wage of $26.36 was up 0.3%, and wage growth over the last year was steady at 2.5%.
U.S. Bank Wealth Management regional investment manager Jim Davis said, “The participation rate was up slightly, which shows you there’s still slack in the market. That’s why we haven’t seen the increase in wages that we’d like.”
Davis continued, “Workers aren’t just competing with other workers. From that standpoint, if you want to talk about workers having that bargaining power, it’s still a bit tricky. Companies still have a bit of that leverage,” he said, “As we get later in the cycle, we will see wages start to tick up.”
Davis concluded, “I think the markets will continue to enjoy these numbers.”
Perhaps this is a sign that the following months will add even more jobs. Before long, our economy will be overwhelmingly successful. America is steadily standing back up on her feet.
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