Strong U.S. employment report brightens economic outlook
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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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In addition, 18,000 more jobs were created in May and June than previously reported. 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.
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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.
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.
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.
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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.
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. The average workweek increased by 0. 5 hours in July, the most since January.
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.
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 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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