The seasonally adjusted net gain of jobs in July, according to the Bureau of Labor Statistics report released Friday, was 209,000. Of those, 172,000 were created in the private sector, 37,000 in the public sector, as determined by analysis of the Current Employment Survey of 147,000 business establishments. A consensus of experts in Bloomberg’s survey of experts earlier this week had concluded there would be a gain of 178,000 new jobs in July.
Once again, which has been the case for most of the past eight years since the recovery from the Great Recession officially began, wages climbed only a smidgen. Compared with last July, they were up 9 cents an hour, a 2.5 percent year-over-year rise against an annual inflation rate of 1.6 percent. For the average worker, the wage gain has amounted to barely treading water.
As it does in every monthly report, the bureau revised its counts for the previous two months based on more complete
available than when its numbers were first released. The new calculations raised the tally for June from 222,000 to 231,000, and for May lowered it from 152,000 to 145,000. This latest BLS count makes July the 82nd consecutive month of overall job growth.
The bureau calculates the unemployment rate from another study, the Current Population Survey of 60,000 households. The headline rate, the most commonly reported upon—which the bureau labels U3—came in at 4.3 percent, the lowest rate in 16 years. The lowest the rate has been in the past quarter-century was 3.8 percent in April 2000.
Pr*sident Donald Trump, who during the campaign last year had frequently called the BLS numbers bogus. But, as he has done all year, Trump tweeted the success of his efforts: “Excellent Jobs Numbers just released—and I have only just begun. Many job stifling regulations continue to fall. Movement back to USA!” Most economists say that, whatever a president’s impact on job creation, it doesn’t begin until nine months to a year after he or she takes office. Trump has promised economic growth of 3 percent, but it’s clocked in so far this year at 1.9 percent.
Unemployment rates differ by race and sex. For U3: Adult men: 4.0 percent; Adult women: 4.0 percent; Whites: 3.8 percent; Blacks: 7.4 percent; Asians: 3.8 percent; Hispanics: 5.1 percent; American Indians: (not counted monthly); Teenagers: 13.2 percent; (for teenagers of color, the unemployment rate is usually much higher.)