US Job Market added 157,000 new jobs in July 2018
Posted on August 16, 2018
The US Job Market added 157,000 new jobs in July 2018 which was a positive and healthy growth overall though slower when compared with recent months. The rate of unemployment dropped by 10 points to reach 3.9%. Meanwhile, the total unemployment fell by 30 points to reach 7.5%. Rates of unemployment in several secondary and primary markets have declined to even lower levels. The latest figures for the US Job Market have been revealed by the US Bureau of Labor Statistics.
A key measure of employee confidence – the quits level is constantly rising unhindered. It has reached 3.6 million that is a record high level. This is at a time when job vacancies are far outnumbering the hiring. This is an indication of enhanced confidence of workers in the US Job Market, as quoted by the BLS Gov News.
The US sectors that witnessed an increase in jobs include Manufacturing, Business and Professional Services, and Social Assistance and Healthcare. The figures of unemployed individuals decreased by 284, 000 in July to reach 6.3 million. Both the parameters decreased over the year by 0.4% point and 676,000.
The workforce participation rate was 62.9% in July 2018. This was unaltered over the year and month. The ratio of employment-population was 60.5%. This was an increase of 0.3% point over the year.
The number of individuals working part-time for monetary reasons changed just a little in July. It was 4.6 million and decreased by 669,000 over the year. These people would have preferred full-time jobs. However, they were employed in part-time jobs for diverse reasons. It included a reduction in a number of hours or inability to find full-time jobs.
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