Markets Not Ready for Jump in Jobs

Markets Not Ready for Jump in Jobs

A total of 1.6 million people were marginally attached to the labor force in June, a figure that was down by 197,000 from a year earlier.

The unemployment rate rose slightly, from 4.3 percent to 4.4 percent, according BLS. About 100,000 jobs a month are needed to keep the pace with population growth.

"Strong jobs growth should eventually translate into higher wages, but it is taking time to do so". The greenback also climbed to a more than one-week peak against sterling. Roughly 10,000 Americans turn 65 every day. The number of discouraged workers was 514,000, a 159,000 increase after four straight monthly declines. Once you adjust for inflation, that's less than in 1975, when the typical worker in that age group earned $36,900. The rate among Latinos dropped to 4.8 percent, the lowest in 11 years.

The economy's durability appears to be benefiting more people.

"We're been creating close to 200,000 jobs a month now for more than seven years". Pay gains remain weak, though, a stark reminder of one of the economy's key shortcomings. Almost twice as many people are quitting jobs as are being laid off or fired - a sign of a strong labor market. Still, that figure is a point lower than it was this time a year ago.

"The economy is still in pretty good shape, employers are looking to hire", says Luke Tilley, chief economist at Wilmington Trust. It also inflicted pain on other people who weren't technically unemployed. "More than five million Americans still work part-time who'd like to have full-time work". The PayScale Index, which measures the change in wages for employed US workers, showed a 0.5 percent wage increase from Q1 to Q2 2017.

The private sector accounted for the lion's share of the rise, with hiring up by 187,000 overall and by 162,000 in services. Economists say job gains should slow as unemployment continues to fall.

Wage growth has hovered in the same range for the a year ago and a half even as job gains keep coming and unemployment continues falling.

That's because there's still a large pool of working-age Americans who want to work but have given up searching or who are working part time because they can not find full-time employment.

Local jobless numbers for June won't be available for a few more weeks.

Economists offer a number of explanations for why that dynamic hasn't yet kicked in.



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