The unemployment rate fell yet again in July… to 3.9 percent.
That’s down just slightly from 4 percent in June.
The Department of Labor reported that the U.S. economy added 157,000 jobs.
While that’s below the average of 215,000 jobs added per month in 2018, economists expect the decline to be temporary–citing one-off events, like Toys R US’s bankruptcy, as leading to layoffs that hurt the overall number.
Regardless, an unemployment rate of 3.9 percent is among the lowest rates in history… suggesting that the job market is red-hot in the Trump economy.
But even as the unemployment rate nears historic lows, economists are forecasting that it will continue to fall.
“The unemployment rate will fall to about 3.5 percent by the beginning of next year, although job growth will slow somewhat as businesses find it more and more difficult to hire,” explained Gus Faucher, chief economist at PNC.
He added that it’s clear the “job market is in great shape in the middle of 2018.”