Strong U.S. employment report brightens economic outlook
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.
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.
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.
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".
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.
Temporary-help jobs, a harbinger of future hiring, increased 17,000. Healthcare and social assistance payrolls rose by 48,800 jobs, extending the prior month's hefty gains. Government employment increased by 38,000 jobs as state and local authorities stepped up hiring of teachers.
-based cleric Fethullah Gulen, whose followers in the security forces, judiciary and civil service he accuses of orchestrating the attempted power grab and of plotting to overthrow the state. Erdogan has vowed to rid Turkey of the network of U.
Retail sector employment increased by 14,700 jobs and payrolls in the leisure and hospitality sector rose by 45,000. Professional and business services, a high wage sector, added a strong 70,000 jobs last month, the most since last October.
Home-equity gains of the past few years provide the modest capital needed for
a home-based launch. Layoffs are increasing. There is a coming home-business boom. And people are getting tired of reporting to offices
where salaries are frozen and advancement opportunity is narrowing as people
hold tight to their current jobs. All
of the elements are there to support this quiet boom. You may not read much about it, since
home business activity takes place quietly, but it's coming nonetheless.
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.
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.
3 percent increase in average hourly earnings left the year-on-year gain at 2. 5 hours in July, the most since January. The average workweek increased by 0. With both hours and hourly earnings rising, workers' take-home pay shot up 0.
"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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They are likely to
be skeptical and idealistic at the same time; to be less
moved by patriotic themes; and deeply concerned about
social injustice. Baby Boomers born in 1946 were the "flower" children of the
60's. And whether they protested the Vietnam War or not,
they were deeply marked by those years.
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