Payroll Gain of 209,000, Wage Rise Show U.S. Labor Strength
U.S. payrolls increased in July as employers added 209,000 jobs, while the unemployment rate fell to 4.3 percent. Bloomberg's Michelle Jamrisko breaks down the numbers on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)
The U.S. labor market hit its stride in July, as employers added workers at a solid clip, the jobless rate matched a 16-year low and monthly wage growth picked up.
Job gains were broad-based during July, led by the largest jump in leisure and hospitality employment since September 2015, a move driven by gains at restaurants. Hiring also hit five-month highs in manufacturing and education and health services. The drop in the jobless rate reflected a 345,000 rise in employed people in the household survey, while the number of unemployed was little changed.