It’s another month of increased hiring by US companies as private payrolls rose more than expected to 219,000 added jobs in July, whereas most economists had expected a gain of only 185,000.
The US thus saw its best month of hiring since February 2018, when some 241,000 new jobs were created. Further good news came from a revision of last month’s growth, which was also changed upwards to 181,000 from 177,000.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Private-sector payrolls jumped by 219,000 in July, the most since February and more than the 185,000 projected by analysts polled by Reuters and The Wall Street Journal. ADP and Moody’s Analytics said mid-sized businesses added the most jobs. <a href="https://twitter.com/hashtag/EconomicGrowth?src=hash&ref_src=twsrc%5Etfw">#EconomicGrowth</a> <a href="https://t.co/o6XDF0921c">pic.twitter.com/o6XDF0921c</a></p>— Jack Brkich III, CFP (@JackBrkichCFP) <a href="https://twitter.com/JackBrkichCFP/status/1024697608395079680?ref_src=twsrc%5Etfw">August 1, 2018</a></blockquote>
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The news led Mr. Mark Zandi, chief economist of Moody's Analytics to declare that: "The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending."
Related coverage: <a href="https://thegoldwater.com/news/32027-US-China-Trade-War-Who-Are-The-Unexpected-Winners">Trade War – Who Are The Unexpected Winners</a>.
"Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat."
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">"The labor market is on a roll with no signs of a slowdown in sight. Nearly every industry posted strong gains and small business hiring picked up." <a href="https://twitter.com/hashtag/MAGA?src=hash&ref_src=twsrc%5Etfw">#MAGA</a><a href="https://t.co/PnxIxpdSW8">https://t.co/PnxIxpdSW8</a></p>— Ronna McDaniel (@GOPChairwoman) <a href="https://twitter.com/GOPChairwoman/status/1024682164561096704?ref_src=twsrc%5Etfw">August 1, 2018</a></blockquote>
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The news comes as the effects of the Trump administration tax reform is truly greasing into the economy.
Last December, the White House slashed the federal corporate tax rate from 35 to 21 percent, leaving many US companies to pay bonuses to their existing personnel and hire additional employees.
Mr. Ahu Yildirmaz of the ADP Research Institute, which released the jobs' numbers, declared that: "The labor market is on a roll with no signs of a slowdown in sight."
"Nearly every industry posted strong gains and small business hiring picked up."
Related coverage: <a href="https://thegoldwater.com/news/32571-Trade-War-New-European-Commitment-To-Instantly-Purchase-US-Soybeans">Trade War – Europe to purchase US Soybeans</a>.
Meanwhile, the tariff war between the US and China, its biggest trading partner is heating up. Economists foresee that effects of that tension will bite into hiring during the fall.
Source:
https://twitter.com/GOPChairwoman/status/1024682164561096704
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