For the second month in a row, the employment sector in the United States has scored an impressive 200 000-plus job growth, giving a solid support to the overall economy, after the government released the non-farm payroll for July data last week.
According to the figures from the Bureau of Labor Statistics, the US economy has created additional 209 000 jobs in the month of July, to blow economists’ consensus expectations of just 108 000 new jobs. Last June, the economy boasted a whopping 231 000 fresh jobs.
Although the figures showed tremendous number, the recent growth also revealed that most jobs created were coming from industries with low-paying services. For food services and drinking establishments, there were additional 53 000 jobs in July while healthcare sector added 39 000. The higher paid sectors such as mining, construction, and manufacturing, registered a minimal growth.
However, US President Donald Trump still welcomed the news with a positive vibe as he turned to twitter to express his delight with the recent employment figures saying, “Excellent Jobs Numbers just released – and I have only just begun. Many job stifling regulations continue to fall. Movement back to USA!”
The number of jobless Americans also fell to its record low last month as the unemployment rate settled to just 4.3%, the lowest level in more than 16 years. Meanwhile, wage growth in the country made a slight leap as it gained 2.5% higher in July compared to the same month in the previous year.