Unemployment Rate for College Dropouts Remains at 17-Year Low

US jobs growth slows more than expected in July

American job growth falls short of expectations in July

The monthly jobs report showed unemployment declined to 3.9, down 0.1 percent from June.

Healthy consumer spending and business investment, supported by tax cuts and a bump in federal spending this year, are resulting in job gains that continue to be more than sufficient to accommodate population growth in the 10th year of the economic expansion.

That was just one aspect of the good news laid out in the July jobs report.

Asian unemployment dropped to 3.1 percent while black unemployment, still hovering around historical lows, increased slightly to 6.6 percent.

Mocuta added that the dip in the unemployment rate without any corresponding upward pressure on wages suggested more slack in the labor market than the unemployment rate might otherwise suggest.

"I've never seen such a steady stream of gains - there's no volatility in the numbers", said Ellen Zentner, chief USA economist at Morgan Stanley.

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In its trade report, the Commerce Department said the USA deficit in goods and services rose 7.3% to $46.3 billion in June from $43.2 billion in May.

Despite many businesses' trouble finding qualified workers, they are still hiring and looking outside traditional pools for talent.

Average hourly pay gains remained modest, increasing 2.7 percent from a year earlier, the same as the previous two months.

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. The unemployment rate ticked down for both groups last month. Hiring in dentists' offices was relatively flat, adding only 200 jobs last month.

"I don't see today's number as a disappointment: 157,000 job gains is still impressive, given where we are in the business cycle".

Yet the trade fights didn't appear to impact hiring last month. In the service sector, hiring of 118,000 was the lowest since December, partly reflecting the cuts at Toys "R" Us.

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But, as with small businesses, manufacturers are having trouble filling job openings, she said. Construction gained 19,000 jobs, but retail trade only 7,000.

Although the labor force participation rate was unchanged at 62.9%, it increased for the prime working-age cohort (25-54 years).

Less educated workers have been the big gainers in terms of employment in the last few years of the recovery.

Overall, there were almost 5.5 million people in July who wanted a job but weren't counted as unemployed, which is a drop from over 5.7 million a year ago.

The average workweek for all private employees decreased to 34.5 hours, from 34.6 hours.

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