Unemployment is down and jobs are up for July of 2018. With the strong economic leap the U.S. has made in the past months, hopefully this trend will continue. Consumer spending has risen, the dollar index has risen, and there have been reports of major companies like Apple having net worths higher than analysts expected. We could be on the verge of an economic boom if things continue in this fashion.
First off, July created 157,000 new jobs in the U.S., bringing the unemployment index to only 3.9%. While it was expected for the month to bring in at least 190,000, just because the actual number fell short, it does not mean the economy isn’t growing at a steady pace. 3.8% is the 18-year low that the country has seen, and that occurred back in May of 2018, so things are looking to be remaining in a good place.
Additionally, there has been a 0.3% wage increase for the average employee from June to July, further coinciding with this upward trend. These increases in jobs and pay are mostly in the business and professional services, raking in 51,000 extra jobs in that field. While farmers are still struggling due to the trade tariffs being imposed, manufacturing is also up alongside hospitality and leisure, both also bringing in around 40,000 new jobs. The only industry that seems to be stagnating in terms of job growth is toy, game, and hobby stores. With the mass shutdown of Toys R Us, retail is struggling to gain new jobs in the market.