Economics
U.S. Jobs Engine Keeps Humming While Wage Pickup Stays Elusive
- Fed likely to stay on track for gradual interest-rate hikes
- ISM services survey a ‘flashing yellow’ signal for economy
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The latest U.S. jobs report showed the kind of gains that justify the Federal Reserve’s plans to keep raising interest rates and also give central bankers little urgency to pick up the pace.
Employers added workers at a steady, albeit cooler, pace in July, and the prior two months were revised higher, Labor Department figures showed Friday. Wages extended their steady-but-unspectacular growth, while the unemployment rate slipped back below 4 percent and near the lowest since 1969.