July job creation solid
255,000 jobs created beats expectations.
The US Bureau of Labor Statistics reported today that total nonfarm payroll employment rose 255,000 in July, and the unemployment rate remained steady at 4.9%.
Consensus estimates had expected an increase of 180,000 new jobs.
Overall, job gains came from professional and business services, which increased by 70,000, health care, which added 45,000 jobs and financial activities.
The historically low employment participation rate increased 0.1% to 62.8%, still near its lowest level since the 1970s.
On another positive note, average hourly earnings for all employees on private nonfarm payrolls increased 8 cents, or 2.6% on an annualized basis, and average hours worked per week increased slightly to 34.5 hours.
The full report can be found here.
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