Strong U.S. employment report brightens economic outlook
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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. inflation and a global economic growth slowdown.
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.
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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.
Government employment increased by 38,000 jobs as state and local authorities stepped up hiring of teachers. 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.
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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. Within about 1-1/2
to 2 years we will see the ebook business grow fast. Despite all this I still believe an ebook boom is coming.
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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.
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