July Jobs Report is in!
Submitted by Bill on
The July Jobs report came out today and things are looking good. We noticed that many of the jobs created were well paying positions and that helps everybody.
Truck drivers will benefit from the additional cash flow into the economy from the new jobs. The newly employed will be spending their paychecks purchasing products moved by truckers.
Here are some excerpts from a Wall Street Journal article"
Robust Jobs Report Eases Worry Over Economic Growth
WASHINGTON—The U.S. labor market in July capped off the best two-month stretch of hiring so far this year, a sign of strength for an economy that has been showing mixed growth signals in recent months.
Nonfarm payrolls rose by a seasonally adjusted 255,000 last month, the Labor Department said Friday. Wages for private-sector workers matched their strongest annual pace of growth in seven years, more Americans entered the labor force during the month and the jobless rate held steady 4.9%.
After two months of choppy performance, the strong showing suggests employers are looking past global concerns and dismissing signs of a slowing U.S. economy.
Revisions showed U.S. employers added 292,000 jobs in June and 24,000 in May, 18,000 more than previously estimated. So far in 2016, employment gains have averaged 186,000 a month, down from 229,000 a month in 2015.
“The economy is expanding, not as fast this data would suggest, but fast enough to employ more people every month and thereby add to total consumer income,” said Steve Blitz, chief economist at M Science.
Here is an article by Kevin Jones | Fleet Owner
For-hire trucking employment rebounded in July—or at least posted a modest gain for the first time in six months.
Trucking gained 1,700 jobs last month, the first increase since hitting an all-time high in January, according to the latest jobs report from the U.S. Dept. of Labor. Still, trucking has lost 9,800 jobs since that January record total, and there are 5,600 fewer jobs than in July last year.
This comes as the overall U.S. economy posted a second consecutive higher-than-expected jobs total, adding 255,000. The national unemployment rate held at 4.9%, still running at levels last recorded in 2008.
The July gain puts the for-hire trucking total at 1.455.8 million, but that’s 2,400 fewer jobs than the pre-recession high in January 2007. More positively, there were 222,600 (18%) more trucking jobs in July than were reported in March 2010, the low point in the economic downturn.
Collectively the transportation and warehousing jumped by 11,700 jobs in July, posting growth in most sectors, although rail and water transportation employment were both off slightly.
Gains in the broader economy occurred in professional and business services (+70,000), leisure and hospitality (+45,000), health care (+43,000), and government employment (+38,000).
Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, and information, showed little or no change over the month.
Employment in mining continued to trend down over the month (-6,000). Since reaching a peak in September 2014, employment in this industry has fallen by 220,000, or 26%, according to the report.