Full Steam Ahead for Job Growth

The Bureau of Labor Statistics reported that 209,000 jobs were created in July, well above expectations. Revisions to May and June yielded 2,000 more new jobs than previously reported. The Unemployment Rate fell to 4.3 percent from 4.4 percent, the lowest since March 2001. Average hourly earnings rose by 0.3 percent from June to July, in line with estimates and up from 0.2 percent in June. Year-over-year wages grew 2.5 percent compared with 2.4 percent in June. Overall, it was a good report.

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