Strong U.S. employment report brightens economic outlook

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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.



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.

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.

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.

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. Such solidarity may not last.

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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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But, the story doesn't stop there, and the recent trends might say, even the Greece property market was about to experience a major boom due to the greater keenness being shown by the foreign buyers. The nation's timeless ancient history and its unharmed natural landscape, provide with the needed pull for drawing in millions of visitors to its soil each year. Greece doesn't require any introduction, when it comes to speaking about its role in the worldwide tourism.

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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.

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.

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