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

Revision as of 00:15, 5 September 2016

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"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.

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.

Such solidarity may not last. There are already opposition concerns that the restructuring of the military lacks parliamentary oversight and is going too far, with thousands of soldiers discharged, including around 40 percent of generals.

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.

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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.

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Provided the strength in jobs is confirmed with other economic data, the Fed will have sufficient reason to hike (rates) this year," said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York. "The July jobs report was everything you could have asked for and more.

The brutality of July 15, in which more than 230 people were killed as rogue soldiers commandeered fighter jets, helicopters and tanks, shocked a nation that last saw a violent military power grab in 1980. Even Erdogan's opponents saw his continued leadership as preferable to a successful coup renewing the cycle of military interventions that dogged Turkey in the second half of the 20th century.

But it was also the first time in decades that major opposition parties joined a rally in support of the government in the nation of almost 80 million. Banners read "You are a gift from God, Erdogan" or "Order us to die and we will do it".

The average workweek increased by 0. 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.

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