Many business leaders have warned that the standoffs with China, the European Union and other major trading partners could cause layoffs if tariffs stay in place for an extended period of time.
The latest job figures follow a steady stream of hiring gains and a robust reading on economic growth. "'Help Wanted' is still the most prevalent signage you'll see in an industrial park". Blue-collar jobs have grown sharply, with manufacturing adding 327,000 positions in the past year and construction adding 308,000. Faucher writes that as that happens, job growth will slow down because businesses will find it more hard to recruit new hires. Retail was also sluggish, with 7,000 job gains.
This year's pickup comes after a steady economic recovery that has entered its tenth year and is now the second-longest on record.
Since the beginning of this year, the USA has seen multiple economic milestones in addition to 1.5 million new jobs.
Companies say they are struggling to find workers, with job openings higher than the number of unemployed for the first time in decades.
But they fail to note that prices have been rising along with wages. The year-over-year gain is unchanged at 2.7 percent.
Hiring in the goods-producing sector rose by 52,000, in line with its strong recent trend, while job growth in the service-providing sector moderated to 118,000 from outsized 182,000 and 204,000 gains in June and May, respectively.
But the unemployment rate fell to 3.9%, closer to an 18-year low. 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. African-American and Hispanic unemployment rates are hovering around the lowest rates since the Labor Department began recording those statistics in the early 1970s. Home health saw the most new hires within the ambulatory sector, adding 5,600 jobs. Since President Trump's election, more than 1 million prime-age people joined or rejoined the labor force.
"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. Check out the results of its July Local Pay Report below.
After remaining elevated for years after the Great Recession, the number of part-time workers who would prefer full-time work has fallen almost 13 percent in the past year and now stands at 4.6 million.