July saw more good news for the economy; the U.S. unemployment rate dropped to 3.9% as the U.S. added 157,000 new jobs. The Labor Department stated, “Employment increased in professional and business services, in manufacturing, and in health care and social assistance … the number of unemployed persons declined by 284,000 to 6.3 million in July. Both measures were down over the year, by 0.4 percentage point and 676,000, respectively.”
MarketWatch reported, “The average wage paid to American workers rose by 7 cents, or 0.3%, to $27.05 an hour. The yearly rate of pay increases was unchanged at 2.7%.”
Manufacturing added 37,000 jobs in July; jobs in transportation equipment rose over 13,000; machinery gained over 6,000 jobs, and over 2,000 jobs with electronic instruments were filled. Employment in health care and social assistance rose by 34,000. Health care employment rose by 17,000; hospitals added 7,000 jobs over the month. Employment in food services and drinking places added over 26,000 jobs.
Construction employment rose over 19,000.
The job gain didn’t match May or June’s, as the 268,000 jobs were created in May and 248,000 in June.