Difference between revisions of "Strong U.S. employment report brightens economic outlook"

Revision as of 02:05, 6 September 2016

More than a million Turks gathered in Istanbul on Sunday for a rally called by President Tayyip Erdogan to denounce a failed coup - a show of strength staged in the face of Western criticism of widespread purges and detentions.

Other details showed a rise in the labor force, which lifted the participation rate, or the share of working-age Americans who are employed or at least looking for a job, by one-tenth of a percentage point to 62.

Amid the cooling of ties with the West, Erdogan is due to meet Russian President Vladimir Putin on Tuesday in St Petersburg for talks intended to end a period of tension after Turkey downed a Russian fighter jet near the Syrian border last November.

employment rose more than expected for the second month in a row in July and wages picked up, bolstering expectations of faster economic growth, and raising the probability of a Federal Reserve interest rate increase this year.

But a broad measure of unemployment that includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment rose one-tenth of a percentage point to 9.

"Erdogan has been brutal and unfair to us in the past, but I believe he has now understood the real importance of the republic's values," said Ilhan Girit, 44, a musician and CHP supporter, carrying a flag of Mustafa Kemal Ataturk, founder of the modern secular republic.

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Temporary-help jobs, a harbinger of future hiring, increased 17,000. Government employment increased by 38,000 jobs as state and local authorities stepped up hiring of teachers. Healthcare and social assistance payrolls rose by 48,800 jobs, extending the prior month's hefty gains.

Erdogan, a polarizing figure seen by opponents as intolerant of dissent, has invited the heads of the secularist and nationalist main opposition parties to address the crowds in a display of national unity in defiance of Western criticism.

"We're here to show that theses flags won't come down, the call to prayer won't be silenced, and our country won't be divided," said Haci Mehmet Haliloglu, 46, a civil servant who traveled from the Black Sea town of Ordu for the rally.

The middle boomers are pushing 50. They are at their peak
earning years, sending their children to college, and
starting to think about saving for retirement. Less
idealistic than the first group, they are interested in
security, are more likely to be Republicans, and view
institutions with skepticism.

Treasury dealers who do business directly with the Fed, 13 said the U. central bank would raise its target interest rate by a quarter percentage point by the end of the year, compared with 8 of 15 primary dealers in a July 8 poll.

Last month's strong jobs growth should reinforce the Fed's confidence in a labor market that officials view as at or near full employment. Fed Chair Janet Yellen has said the economy needs to create just under 100,000 jobs a month to keep up with population growth.

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Nonfarm payrolls rose by 255,000 jobs after an upwardly revised 292,000 surge in June, with hiring broadly based across the sectors of the economy, the Labor Department said on Friday. In addition, 18,000 more jobs were created in May and June than previously reported.

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3 percent increase in average hourly earnings left the year-on-year gain at 2. With both hours and hourly earnings rising, workers' take-home pay shot up 0. 5 hours in July, the most since January. The average workweek increased by 0.

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