U.S. gains another 215,000 jobs; unemployment rate unchanged
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The U.S. job market continued its surge in July, with the addition of 215,000 jobs, according to preliminary government data.
The nation’s job market continued its expansion last month, gaining 215,000 jobs and marking the 10th month in the last 12 in which job gains have topped 200,000, a sign of a growing economy.
The unemployment rate remained unchanged at 5.3 percent, according to preliminary Labor Department data released Friday morning.
The July gain fell below the average monthly gain of 246,000 jobs over the previous 12 months. It was also slightly below the expectations of economists polled by MarketWatch, who predicted a gain of 220,000.
With another month of solid gains in the job market, economists will now turn to the Federal Reserve to see if the central bank will raise interest rates for the first time in more than nine years. A continuously strengthening economy gives the Fed reason to monitor inflation and consider raising interest rates. In public statements, Federal Reserve Chair Janet Yellen has indicated that rates will go up later this year.
“July’s numbers don’t matter as much because of the time of year we are in,” Matthew Kaufler, portfolio manager at Federated Investors, told MarketWatch. “The economy is adding jobs. We are much further along on the path to full employment.”
In its July report, the government specifically cited gains in the retail, health care, financial services, and professional and technical services sectors.
But in the same report, the government said average hourly earnings rose by a nickel to $24.99, or just 2.1 percent over the previous 12 months. But according to published reports, economists consider a 3.5-percent annual rate an indicator of full employment.
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