On Friday morning, August 4th, The United States Labor Department released figures for new hires and unemployment for the month of July. The figures show that 209,000 jobs were added in July, more than economists predicted, with the unemployment rate dropping to 4.3 percent.
Cathy Barrera, the Chief Economic Adviser at ZipRecruiter, stated that the current economy is “looking pretty good,” and several economists have stated that the United States is either at or near “full employment.”
Full employment means that it’s unlikely the unemployment rate will drop much further.
According to the figures released, the month of July was the United States eighty-second back-to-back month of job growth.
Although job growth is strong, wage growth is slow. While wages only grew 2.5% in July, the Federal Reserve is hoping to see national wage growth hit 3.5%.
During the first 6 months of President Trump’s time in office, the United States has added 1.07 million jobs. Job growth occurred in every sector of the job market, including manufacturing firms, restaurants, business services, and mining.