Unemployment rate drops to lowest point since November 2016
Aug 05, 2017, 00:25
The Federal Reserve Bank of Boston this week released updated economic information for MA which showed unemployment is highest in the New Bedford area (6 percent) and lowest in the Boston-Cambridge-Nashua economic area (3.8 percent).
USA stocks index futures extended gains on Friday after a report from the Labor Department showed monthly employment numbers for July came in above expectations.
The labor force participation rate ticked up from 62.8% to 62.9%, and the employment-to-population ratio also ticked higher, from 60.1% to 60.2%. There are still people who should be in the work force who aren't, and that drag is holding down wage growth because of the impact that sidelined labor has on pricing. While the number in mining increased by a smaller 1,000 jobs, it has risen an average of 7,000 each month since its low from October 2016.
Three industries added the most jobs last month: food services and drinking places (+53,000 jobs), professional and business services (+49,000 jobs), and healthcare (+39,000 jobs). The total increase over the past year of 387,600 is the biggest 12-month gain since 2007.
The average workweek for all employees on private non-farm payrolls was unchanged at 34.5 hours. According to the government, average hourly pay rose by 2.5 percent from a year earlier, the same annual pace as in June. The unemployment rate for women in this group is 5.4 per cent and 5.3 per cent for men, suggesting older workers who want jobs can find them.
The U.S. economy created 209,000 jobs last month, according to the most recent Bureau of Labor Statistics jobs report, exceeding expert predictions by almost 30,000 jobs. "More people are coming into the labor force and finding jobs".
That's the lowest jobless rate in over 10 years - but the details behind the numbers don't paint so rosy a picture. We'd rather have 200K growth than 100K growth, of course, so it's better than we've seen in May and March of this year. In addition, the previous two months were revised upward by 47,000 jobs.
Workers in the leisure and hospitality sector saw the largest wage gains on a year-over-year basis through July, U.S. Labor Department data showed. The unemployment rate edged down to 4.3 percent from June's 4.4 percent.
However, despite the strong job market, the growth in American paychecks remains anemic. Those are signs the labor market is further tightening. Nursing and residential care facilities gained 2,100 jobs last month.
Cathy Barrera, the chief economic adviser for the online jobs platform ZipRecruiter based in Santa Monica, Calif., has been concerned about younger workers lagging behind since the recovery from the recession.
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