The U.S. economy will likely add between 2.6 and 2.8 million jobs by the end of 2018, President Donald Trump's chief economic adviser predicts.
“The trends, you can’t focus on a monthly number,” National Economic Council Director Larry Kudlow told Fox Business Network.
U.S. job growth slowed more than expected in July as employment in the transportation and utilities sectors fell, but a drop in the unemployment rate suggested that the labor market was tightening.
Nonfarm payrolls increased by 157,000 jobs last month, the Labor Department said on Friday. The economy created 59,000 more jobs in May and June than previously reported and needs to generate about 120,000 jobs per month to keep up with growth in the working-age population.
The unemployment rate fell one-tenth of a percentage point to 3.9 percent in July, even as more people entered the labor force in a sign of confidence in their job prospects. The low unemployment rate could allow the Federal Reserve to raise interest rates again in September, Reuters reported.
“Again, I think this a strong number. But the trends are really interesting,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
After months of robust growth, the U.S. economy added 157,000 jobs in July, falling short of the expected 190,000 jobs, according to a Thomson Reuters survey of economists. It was the lowest gain since March.
Although the July came in below estimates, previous months were revised substantially higher. According to the Labor Department, the economy added 268,000 jobs in May, up from the originally reported 244,000, and in June, the number was revised to 248,000 from 213,000
Over the past three months, the average monthly job addition was at 224,000. That number hovered around 215,000 for the past six months, said Kudlow, who served as the Trump campaign's senior economic adviser. To reach 2.8 million jobs, each monthly jobs report would have to average 233,333.
“The back revisions were gigantic -- 59,000,” Kudlow said. “So, really, you have to add that in. That gives you really 215,000 for the month of July,” the veteran financial guru and former Ronald Reagan adviser said.Source:>>>>>>>>>>>>>>>>>>>>>>Here
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