July Jobs Report: 164,000 Job Gains, 3.2% Wage Growth, 151 Million Working

by Christopher Paslay

Good news for the economy all around, as Trump’s policies continue to benefit all Americans.  

Although economic growth has cooled some in the past few months, things are still looking up for Americans.  More importantly, the Federal Reserve cut interest rates Wednesday, its first reduction since December 2008.  Although savings accounts may feel the squeeze, lower interest rates will help Americans find affordable mortgages and negotiate auto loans, and will help them pay off their credit cards and student loans.     

According to Markets Insider

US employers added 164,000 jobs to the economy in July, falling in line with analyst estimates and pushing the nation’s labor force to a new record.

The national average wage rose 3.2% to $27.98 per hour, and the total number of jobs in the US hit 151 million. The unemployment rate remained 3.7%

study conducted by Bloomberg looked at hiring across each industry and organized the July jobs data across those lines. One area it explored was how quickly those industries are adding employees.

The five industries that generated the fastest employment growth in July were:

  • Motor vehicles and parts, which added 7,200 jobs and has a current wage of $23.47
  • Offices of other health practitioners, which added 7,300 jobs and has a current wage of $23.29
  • Child day care serves, which added 8,100 jobs and has a current wage of $14.08
  • Logging, which added 400 jobs and has a current wage of $22.62
  • Couriers and messengers, which added 6,700 jobs and has a current wage of $19.02

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