The unemployment rate fell to 3.9% in July

Posted at 12:08 PM, Aug 03, 2018
and last updated 2018-08-03 14:08:32-04

 The US labor market continues to strengthen.

The unemployment rate fell to 3.9% and the economy added 157,000 jobs in July, the Labor Department said Friday.

But paychecks grew only slightly — up 2.7% compared to the same time last year.

"With inflation running at a roughly 2% rate, that means that there’s not a lot of financial wiggle room for many Americans," said Mark Hamrick,’s senior economic analyst.

The labor market has accelerated as the economy expands. The economy grew at 4.1% during the second quarter, its fastest place in nearly four years.

The government revised the previous months’ job gains by an additional 59,000. With revisions, job gains have averaged 224,000 a month.