Payrolls Data Showing Solid Wage Growth Keeps Fed on Track to Hike Rates
- Continued tight job market reinforces rate increase in July
- Jobs report has data for Fed hawks and doves in rate debate
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A solid employment report with stronger-than-expected wage growth for June keeps the Federal Reserve on track to raise interest rates this month and mull another hike as soon as September.
Nonfarm payrolls increased 209,000 last month, less than economists expected, and job gains over the prior two months were revised lower, a Bureau of Labor Statistics report showed Friday. The unemployment rate fell to 3.6%. Average hourly earnings rose 4.4% from a year earlier, and the average work week edged up.