Washington sources reported that the Labor Department said the United States' headline unemployment rate dropped to 3.9% in July, a month in which non-farm payrolls in the world's largest economy rose by 157,000. As per report the US economy remains close to full employment even though the number of jobs added last month was below the 195,000 forecast by economists.
Meanwhile US employment has risen for 94 consecutive months, the longest jobs expansion streak on record and presently the unemployment rate has now dipped below 4% for the third time this year. Moreover the jobless rate unexpectedly climbed to 4% in June up from 3.8% in May, the lowest level since 2000 mainly because more people were actively looking for work. Furthermore the average hourly wages for all employees on private non-farm payrolls rose in July by $0.07 to $27.05 and average hourly earnings climbed 2.7% relative to July 2017, and economists expect labor costs to keep rising.
Further the US labor force participation rate (the share of the
population 16 years and older either working or seeking work), which peaked at
67.1% in 2000, remained unchanged from the previous month at 62.9%. US Labor
Secretary Alexander Acosta said in a statement on the July jobs report "The
unemployment rate edged down to 3.9% and this is only the eighth time that the
monthly unemployment rate has fallen below 4.0% since 1970, and three of those
months happened under President (Donald) Trump in 2018".
P Chidambaram says GST is main cause of economic slow down Sources from New Delhi stated that Senior Congress leader P Chidambaram, who is currently lodged in Tihar Jail in a corruption case, said the Prime minister's former economic adviser has admitted that a "flawed" GST is the main cause of economic slowdown, but forgot to mention demonetization. Meanwhile Chidambaram, who is in jail since September 5 for alleged corruption in the INX Media
- If BJP wants to reinvigorate economy, abolish Personal Income Tax
- 2 Indian Iconic Cricketers makes their Kollywood debut
- NASA manages to locate Chandrayaan 2's Vikram Lander for the Second time
- Penalty imposed on SB & LVB for non-compliance with RBIs directions on Frauds classification
- Will justice be delivered to RTC Employees & People of Telangana?
- Chiranjeevi To Bridge The Gap Between Tollywood and Jagan
- Is it Self Dismiss? Or Self-Goal?
- PM Modi addressed rally at Kurukshetra in support of BJP candidate for Haryana assembly election
- HAL Employees to continue indefinite strike, talks failed
- Chennai will finally get a mayor after a gap of Eight years
- Reliance Jio unveiled an AI based Video Call Assistant (Bot) at India Mobile Congress (IMC) 2019
- Jagan Becoming Headache To KCR
- Heavy rain likely to lash Coastal AP: IMD
- Delhi Pollution Control Committee started night patrolling to prevent dust emission
- Why Pakistan is isolated by all countries in FATF?