Strong US jobs data brightens economic outlook
U.S. employment increased more than expected in July and wages picked up, bolstering expectations of an acceleration in economic growth and raising the probability of a Federal Reserve interest rate hike this year.
Nonfarm payrolls rose by 255,000 jobs after an upwardly revised 292,000 surge in June, with hiring broadly based across sectors of the economy, the Labor Department said on Friday.
The unemployment rate was unchanged at 4.9 percent as more people entered the labor market. Highlighting job market strength, average hourly earnings increased a healthy eight cents and workers put in more hours. In addition, 18,000 more jobs were created in May and June than previously reported.
U.S. employment increased more than expected in July and wages picked up, bolstering expectations of an acceleration in economic growth and raising the probability of a Federal Reserve interest rate hike this year.
Nonfarm payrolls rose by 255,000 jobs after an upwardly revised 292,000 surge in June, with hiring broadly based across sectors of the economy, the Labor Department said on Friday.
The unemployment rate was unchanged at 4.9 percent as more people entered the labor market. Highlighting job market strength, average hourly earnings increased a healthy eight cents and workers put in more hours. In addition, 18,000 more jobs were created in May and June than previously reported.
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