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US payrolls climbed by 255,000

Friday, Aug 05 2016

Employment jumped in July for a second month and wages climbed, pointing to renewed vigor in the U.S. labor market that will sustain consumer spending into the second half of the year. Payrolls climbed by 255,000 last month, exceeding all forecasts in a Bloomberg survey of 89 economists, following a 292,000 gain in June that was a bit larger than previously estimated, a Labor Department report showed Friday. The jobless rate held at 4.9 percent as many of the people streaming into the labor force found jobs.

The median forecast in a Bloomberg survey called for a 180,000 advance. Estimates in the Bloomberg survey ranged from gains of 140,000 to 240,000 after a previously reported 287,000 June increase. Revisions added a total of 18,000 jobs to overall payrolls in the previous two months. The unemployment rate, which is derived from a separate Labor Department survey of households, was little changed as employment climbed by 420,000, more than making up for the 407,000 increase in the labor force. The labor force participation rate, which indicates the share of working-age people who are employed or looking for work, increased to 62.8 percent from 62.7 percent.

 

Euro is currently being traded around 1.1050 handle, Sterling is at 1.3040 level, while Aussie is at 0.76 area.

More in this category: « German Factory Orders fell by 0.4% UK house prices 1.6% higher in Q2 »

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