US Adds 209,000 Jobs as Wages Rise in Robust MarketNEWSMAX
U.S. employers hired more workers than expected in July and raised their wages, signs of labor market tightness that likely clears the way for the Federal Reserve to announce a plan to start shrinking its massive bond portfolio.
The Labor Department said that nonfarm payrolls increased by 209,000 jobs last month amid broad-based gains. June's employment gain was revised up to 231,000 from the previously reported 222,000.
Average hourly earnings increased nine cents, or 0.3 percent, in July after rising 0.2 percent in June. That was the biggest increase in five months. On a year-on-year basis, wages increased 2.5 percent for the fourth straight month.
"It was strong across the board. It puts (the Fed) still on track to start the program to wind down the book in September and it's a long ways off in December for the next rate hike," said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York.
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