Economy adds 209k jobs in July as unemployment falls to 16 year low

The U.S. economy added 209,000 jobs in July and unemployment fell to 4.3 percent from 4.4 percent – a 16 year low — the Commerce Department report reported Friday.

In the past three months, the labor market has added an average of 195,000 jobs a month. In the first seven months of the year, the labor market has added almost 1.3 million jobs.

President Trump took to Twitter to highlight the new jobs report and pointed to it as evidence that his economic plan is boosting the economy:

Earlier this week, the Dow Jones Industrial Average broke another record when it passed 22,000.

Economists predict that the unemployment rate will fall to or below 4 percent within the year if the labor market continues at its current pace.

Construction added 6,000 jobs and manufacturers hired 16,000 while retail remained rather weak only adding 900 jobs in July.