Hispanic Unemployment Hits Another Record Low


While the unemployment rate for workers with less than a high school degree is well below the prerecession level and even its 2000 low, the unemployment rate for workers with a college degree, at 2.2 percent, is still above its prerecession low of 1.8 percent and well above its 2000 low of 1.5 percent.

The jobless rate had risen in June from an 18-year low of 3.8 per cent in May.

On Friday, China's Commerce Ministry said a new set of proposed import tariffs on $60 billion worth of United States goods are rational and restrained and warned that it reserves the right of further countermeasures in the intensifying trade war.

July wasn't a stellar month for hiring in the USA healthcare sector, with fewer jobs added in ambulatory care, hospitals and nursing facilities compared with a month earlier.

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For July 2018, the unemployment rate for Americans who dropped out of college or who have associate degrees remained steady at 3.2 percent.

"Job gains occurred in professional and business services, in manufacturing, and in health care and social assistance" the report says. The White House has slapped tariffs on steel and aluminum and on $34 billion of imports from China, and several companies have hit USA imports with retaliatory duties.

Average hourly earnings rose 0.3 percent from the previous month, also matching the median estimate of economists, though that was up from 0.1 percent in June. That's below the 215,000 average for the first seven months this year, but economists said the slip will likely prove temporary. The annual increase in wages was unchanged at 2.7 per cent in July. Last week, the commerce department reported that GDP had grown at an annual rate of 4.1% in the second quarter, the fastest pace in almost four years.

The government also revised hiring totals for May and June to show that another 59,000 jobs were added in those months.

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The data follow a factory survey earlier this week showing manufacturing growth cooled in July and executives were concerned about the impact of the trade war.

Experts blamed some of the change on closing retail stores, but said the labor market remains tight, with more openings than jobs overall. That's the fewest in 11 years.

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. Many firms appear to be giving part-time workers longer hours.

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