Unemployment Rate for College Dropouts Remains at 17-Year Low

05 August, 2018, 22:41 | Author: Kathy Ellis
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The economy added 157,000 jobs last month as the nation's unemployment rate dropped to a near-record low of 3.9 percent. Let's go inside the latest jobs report as leading human capital experts weigh in. In May, unemployment hit 3.8 per cent, the lowest reading since April 2000.

The U.S. labor market was a mixed picture in July, but overall remains in good shape.

"Right now, concerns about tariffs are just that: concerns", said Michael Gapen, chief USA economist at Barclays Plc in NY. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires. Below that was outpatient care centers, adding 4,300 jobs.

One weak spot for economy, however, is the housing market. These employment gains were offset by a decline of 32,000 in sporting goods, hobby, book, and music stores, reflecting job losses in hobby, toy, and game stores. The Labor Departments monthly jobs report will be released at 8:30 a.m.

As The New York Times noted, average hourly earnings also saw an uptick of seven cents. Despite many company executives complaining that they can not find workers to fill open positions, wage growth remains sluggish.

Parts of Virginia city evacuated over possible dam failure
College Lake is a manmade lake, built in the early 1930s by the Virginia Department of Highways as part of the development of U.S. The original surface area of the lake was reported to be 44 acres and has been reduced to 19 acres due to sedimentation.

The marginal miss on employment numbers is accommodated by the numbers for May and June being revised higher, from 244,000 to 268,000 in May and from 213,000 to 248,000 in June. "For the second consecutive month, the unemployment rate for Hispanics reached a record low", the statement added. Transportation equipment had the largest gains in that sector, with 13,000 new jobs, followed by machinery with 6,000 jobs. Initial jobless claims were near a 50-year low in the week the BLS conducted its survey for the jobs report, and haven't added up to more than 300,000 since March 2015.

A company representative, left, speaks with a job seeker during a United Career Fairs sales and management hiring event in Oak Brook, Ill., on July 17. Gains were seen in professional and business services, manufacturing, healthcare, and social assistance.

The drop in government payrolls was concentrated in local governments, which shed 20,000 jobs.

The participation rate, or share of working-age people in jobs or actively looking, was unchanged at 62.9 percent. That is the fewest in 11 years and means part-time workers are getting more hours.

The employment-population ratio, another broad measure of labor-market health, rose to 60.5 percent, the highest since early 2009, from 60.4 percent. The unemployment rate fell from 4 percent to 3.9 percent.

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