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.
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.
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.
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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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.
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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.
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With both hours and hourly earnings rising, workers' take-home pay shot up 0. 5 hours in July, the most since January. 3 percent increase in average hourly earnings left the year-on-year gain at 2. The average workweek increased by 0.
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Banners read "You are a gift from God, Erdogan" or "Order us to die and we will do it". 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.
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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.
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