Strong U.S. employment report brightens economic outlook
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"The July jobs report was everything you could have asked for and more. 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.
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Despite all this I still believe an ebook boom is coming. Within about 1-1/2
to 2 years we will see the ebook business grow fast. The
boom wasn't stopped; it was merely delayed. It will
not replace paper books, but it will be a strong rival, especially
in text books, technical books and business books.
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.
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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Construction payrolls rose 14,000 following three consecutive months of declines. Mining shed a further 7,000 jobs in July. Manufacturing sector employment increased by 9,000 jobs in July after adding 15,000 positions in June.
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.
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. 3 percent increase in average hourly earnings left the year-on-year gain at 2.
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