Jobs Report for July: Here’s What to Watch For
At 8:30 a.m. Eastern time on Friday, the Labor Department will Discharge its hiring in addition to also unemployment figures for July, providing a fresh snapshot of the American economy. This kind of can be what to watch for.
The Labor Department report follows a steady stream of hiring gains in addition to also a robust reading on economic growth. Last week, the Commerce Department reported that will gross domestic product expanded at an annual rate of 4.1 percent inside second quarter, the fastest pace in nearly four years.
Like weather forecasters predicting sunny skies in Southern California, economists have watched the labor market produce consistent monthly increases in hiring recently. “I’ve never seen such a steady stream of gains — there’s no volatility inside numbers,” said Ellen Zentner, chief United States economist at Morgan Stanley.
Experts estimated that will the economy added 190,000 jobs in July, down slightly coming from the 213,000 increase in June yet still a very healthy figure due to This kind of stage of the recovery.
Martha Gimbel, director of economic research at Indeed.com, noted that will inside first half of 2018, the average monthly increase in jobs was 215,000, compared with 184,000 inside same period last year in addition to also 181,000 in 2016.
“the item can be amazing that will at This kind of point in a recovery you are seeing growth that will can be on average faster than the previous two years,” she said.
Made in U.S.A.
The manufacturing sector has been booming, even as storm clouds like tariffs on steel in addition to also aluminum in addition to also President Trump’s threats of a broader trade war loom.
Scott Anderson, chief economist at Bank of the West in San Francisco, can be looking for a gain of 27,000 factory jobs for July. “We’re not seeing any impact coming from trade tensions, as the item’s too early,” he said.
Makers of machinery, fabricated metals in addition to also electrical equipment have been among the most aggressive in hiring.
Steel Ceilings in Johnstown, Ohio, hired two hourly workers last month in addition to also will hire another two This kind of month if the item can find appropriate candidates, said Rick Sandor, the company’s president. that will’s not easy these days — shifts run coming from 5 a.m. to 2 p.m., in addition to also temporary workers start at $14 per hour. So as the labor market has tightened, Mr. Sandor has eased up on the requirements for completely new hires.
inside past, he insisted on a couple of years’ experience in metal fabrication, yet right now settles for candidates who show mechanical skills, like carpentry or heating in addition to also cooling repair. Mr. Sandor can be willing to waive the requirement for a high school diploma as well in addition to also has even hired applicants with what he terms “minor” prison sentences.
“If a person was truly trying to get their life back together, we thought the item might be helpful to offer them a job,” Mr. Sandor said.
If manufacturing can be white hot, then retailing can be ice cold. Under pressure coming from online competitors that will has forced many department stores to close, retailers shed 21,0 jobs in June. Total employment inside sector has grown by just half a percent over the last 12 months, compared that has a 1.6 percent gain for payrolls inside overall economy. A steep drop for a second month might underscore the troubles.
On the additional hand, as Cathy Barrera, chief economist of ZipRecruiter, pointed out, businesses that will benefit coming from e-commerce, like warehousing, are thriving. Over the last 12 months, the transportation in addition to also warehousing sector added more than 0,000 jobs, a 3 percent gain.