U.S Unemployment Rate Drops To 16-Year Low As 209,000 Jobs Added In July

The United States labour market added an impressive 209,000 new jobs in July, as unemployment rate slipped further downward, the government said Friday.

According to data released today, the country’s unemployment rate dropped to 4.3% from 4.4%, reaching a 16-year low.

Hourly pay increased 2.5% from July 2016 to July 2017, unchanged from the prior month. The average workweek was flat at 34.5 hours.

Hiring was led by professional firms, health-care providers and restaurants, the report added.

The feat surpassed the 175,000 estimate of economists.

President Donald Trump expressed delight at the report, calling it “excellent”. The President had promised to slash regulations, cut taxes, and boost hiring in a bid to further grow the U.S economy.

Excellent Jobs Numbers just released – and I have only just begun. Many job stifling regulations continue to fall. Movement back to USA!

— Donald J. Trump (@realDonaldTrump) August 4, 2017

Since the administration of President Trump in January 2017, the U.S had added more than 1 million jobs, the CNN reports.