TD Bank economist Brian DePratto said the jobs report was a bit of a mixed bag.
US economy maintained solid job growth in July and the unemployment rate dropped to 16-year low.
Another figure that reflects less than full employment is the labor force participation rate, which was 62.9 percent in July, and the employment to population ratio, at 60.2 percent.
In raw numbers, the U.S. has added 16 million net jobs over the last seven years, about twice the number of jobs lost during the recession, according Labor Department figures.
"The figures moved in tandem with the traditional summer season, showing employment gains in restaurants, professional and business services and health care", said George Ratiu, an analyst with the National Association of Realtors. In July, average hourly earnings of private-sector production and nonsupervisory employees increased by 6 cents to $22.10. While average hourly earnings rose 0.3 percent on a monthly basis, slightly faster than in June, wages were up 2.5 percent from a year earlier - little changed from the pace over the past two years, which also owed to factors including weak productivity.
An alternative measure of unemployment and underemployment, which includes those who have stopped looking and those in part-time jobs who want full-time positions, was 8.6% in July, unchanged from the prior month.
Comparatively in 2000, when the US economy last came close to achieving full employment, the labor-force participation rate for this group was almost 53%. "Many job stifling regulations continue to fall!"
Unemployment has fallen to a 16-year-low - from 4.4 percent to 4.3 percent - and consumer confidence has risen to a high over the same annual time span.
Even so, "I wouldn't underestimate the ability of job growth to remain pretty healthy and labor demand to remain solid", said Michelle Meyer, head of US economics at Bank of America Corp.in NY.
That's the lowest jobless rate in over 10 years - but the details behind the numbers don't paint so rosy a picture. But that sector of the labor market, falling under the "leisure and hospitality" industry, has the lowest average weekly wages, according to the Labor Department. They may show that wages rose by 0.3% during the month, up from June's disappointing 0.2%. "Are we going to see more wages increase for USA workers?" Seasonally adjusted, residential construction added 1,000 jobs in the month, and is up by 36,000 jobs for the 12 months ending this past July, according to a preliminary estimate for July.
While the job gain in July was lower than the average over the previous few months, the numbers show a healthy labour market.
"Wage growth remains sluggish", Chris says. Amazon this week held a series of job fairs to hire about 50,000 workers.