While the job gain in July was lower than the average over the previous few months, the num- bers show a healthy labour market.
The bulk of the gains over the past year have been full-time, with 353,500 jobs. In July, the economy created 35,100 fulltime jobs while dropping 24,300 part-time jobs The full-time job gains means the total number of hours worked - a key determinant of income - are also accelerating. Total actual hours worked were up 1.9 per cent in July from a year earlier, the fastest year-over-year gain since August 2015
Wages continue to rise at historically low levels, which continues to be the main wrinkle in the country’s labour market. The pace of annual wage rate increases was unchanged at 1.3 per cent in July. That’s still better than the record low 0.7 per cent in April
The decline in the jobless rate was also due in part to a lower participation rate, which fell to 65.7 per cent, from 65.9 per cent, as people left the labour force.