, Columnist
Yay, Jobs! So Why Isn't the Economy Following?
Sure, companies are hiring. But they're not investing in expansion.
Impressive. But ...
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
The U.S. job market turned in an impressive performance in July. Now if only the economy would catch up.
The latest jobs report suggests that worries about global growth and Britain's vote to leave the European Union didn't act as much of a drag on hiring in the U.S. Nonfarm payrolls grew by an estimated 255,000 jobs in July, bringing the three-month average to 190,000 -- far more than enough to compensate for natural growth in the labor force. The unemployment rate held steady at a low 4.9 percent, and average hourly earnings rose 8 cents to $25.69, suggesting that demand for workers is gradually translating into higher pay.