The US labor force grew to a new high of 163.4 million last month — a record that was overshadowed Friday by rising trade tensions.
The Labor Department Friday reported that 164,000 non-farm jobs were added to the economy in July — a bump that was aided by 370,000 new workers entering the labor force.
Unemployment continues to stand at 3.7 percent, near a 50-year low, while wages ticked upward 3.2 percent over the last year.
The Labor Department figures signal a healthy but not overheating economy and provides some validation for the Federal Reserve’s decision to cut interest rates earlier this week, experts said.
The data failed, however, to lift investors’ spirits amid growing signs of a US trade war with China. Those fears sent the S&P 500 to its worst week this year.
Industries that saw the steepest job gains include professional and technical services, which added 31,000 jobs. The booming healthcare industry added 30,000 jobs last month.
Mining jobs fell by 5,000 — a loss that was likely worsened by Blackjewel, the coal mine operator that filed for bankruptcy without warning on July 1, leading to protests from miners who say they hadn’t been paid.
Manufacturing added 16,000 jobs last month, but average weekly hours at factories sank to the lowest since 2011.
Another concern is that job growth is coming at a slower pace than last year’s.
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