Strong U.S. employment report brightens economic outlook
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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.
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.
Manufacturing sector employment increased by 9,000 jobs in July after adding 15,000 positions in June. Mining shed a further 7,000 jobs in July. Construction payrolls rose 14,000 following three consecutive months of declines.
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. Temporary-help jobs, a harbinger of future hiring, increased 17,000.
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inflation and a global economic growth slowdown. central bank raised interest rates for the first rise in nearly a decade last December, but since then has held rates steady amid concerns over persistently low U.
Fed Chair Janet Yellen has said the economy needs to create just under 100,000 jobs a month to keep up with population growth. 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.
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