After two months of higher than expected gains, job growth for the month of July slowed a bit, with 157,000 jobs added to the economy, according to the most recent report released this morning by the Bureau of Labor Statistics. That's less than the 190,000 jobs economists had predicted for the month.
Unemployment fell from 4 percent to 3.9 percent, signaling that overall the market is still in good standing for job-seekers of all levels to find employment. But Bankrate.com senior economic analyst Mark Hamrick warns that while unemployment is still at a low, slow wage growth continues to be a major concern. In July, average hourly wages rose just 7 cents, keeping year-over-year gain the same at 2.7 percent.
"Right now, of paramount importance is wage growth," he tells CNBC Make It. "It is sort of the 'What have you done for me lately?' scenario that employees are asking employers and the market."
Aside from wages, Hamrick says a major concern for economists have is the impact increased tariffs and rising interest rates could have on business owners and loan borrowers today. Below, he breaks down how the July's jobs report can impact you and your employer, and why now might be the best time for job-seekers without a degree to find a job.