You’re hired! Unemployment rate falls to 3.9% in July

Nonbank mortgage lenders and brokers employed 345,400 people during the month, according to the Bureau of Labor Statistics. But in June, Minnesota's unemployment rate was below the national average at 3.1 percent.

As The Washington Examiner noted, the number is just slightly below the previous record of 4.6 percent set in July.

"House price appreciation has exceeded wage growth for six years, so any signal that wage growth may be closing the gap is good news", said Fleming.

The Labor Department on Friday released its hiring and unemployment figures for July, providing a fresh snapshot of the US economy. Last week, the Commerce Department reported that gross domestic product expanded at an annual rate of 4.1 percent in the second quarter, the fastest pace in almost four years.

"Job gains occurred in professional and business services, in manufacturing, and in health care and social assistance" the report says.

But workers' average hourly paychecks grew tepidly from the previous month and are up just 2.7 percent compared to the same time a year ago.

Most of the jobs were added in the manufacturing and retail industries, with employers hiring twice as many people compared to this time past year.

"It is fantastic that at this point in a recovery you are seeing growth that is on average faster than the previous two years", she reportedly said.

The U.S. economy has added jobs for 94 consecutive months, a record streak that shows no signs of waning, despite President Donald Trump's escalating trade war.

The unemployment rate ticked down to 3.9 percent from 4 percent. Economists' maintain that wages will rise as economy drains remaining slack from the labor market and businesses' pay more to retain workers.

On Wednesday, the U.S. Federal Reserve, the nation's central bank, said the economy was "strong", an upgrade from its June assessment, which dubbed the economy "solid".

Yet the trade fights didn't appear to impact hiring last month. That rate dropped to 7.5 percent in July-the lowest since May 2001. Initial jobless claims were near a 50-year low in the week the BLS conducted its survey for the jobs report and haven't added up to more than 300,000 since March 2015.

Despite many businesses' trouble finding qualified workers, they are still hiring and looking outside traditional pools for talent.

(Copyright © 2015. All Rights Reserved.)
 
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