US jobs growth, as expected, slowed in July but the
average workweek fell to its lowest level in nearly two years, a potentially bad omen for the economy which, together with the escalation in US/China trade tensions, might lead the Federal Reserve to cut interest rates again next month.
The
average workweek for all private employees was unchanged at 34.4 hours.
"The
average workweek in construction is at a record high for March and the number of unemployed jobseekers with construction experience is at all-time lows," Simonson added.
Over the year, the
average workweek for all employees on private nonfarm payrolls decreased from 33.9 to 32.6 hours and average hourly earnings increased from $28.79 to $30.34.
The
average workweek and building permits were flat.
It noted that the the
average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.5 hours in March, offsetting a decline of 0.1 hour in February.
The
average workweek was unchanged at 34.5 hours in September.
While the Minnesota unemployment rateis at a 19-year low,it's not clear that employers are responding strongly to worker shortages, Hine said.The
average workweek in Minnesota held steady at 34.3 hours in August, and average wages dipped slightly from $29.08 to $28.80 per hour.
Another 38 percent reported an
average workweek of 40 to 49 hours.
Statewide factory job growth has been soft, and the
average workweek index suggests that the market for manufacturing workers is not tight.
Combined with a 0.6% decrease in the
average workweek, the increase in real average weekly earnings was less than 1%.
The harsh weather cut into the length of the
average workweek in February, which hit its lowest level since January 2011.
