July jobs report: "Trouncing expectations" but falling short of June

July jobs report:

Unemployment fell 10 basis points to 4.3% the US, according to the report, matching estimates from economists including Michelle Meyer at Bank of America Corp.

Hourly wages also continued to make steady if slow progress, 2.5 percent higher than July 2016, the same gain recorded the month before.

The healthcare industry added 39,400 jobs in July, with hospitals contributing 7,300 to that total, according to Friday's jobs report from the Bureau of Labor Statistics.

Other industries were largely unchanged for the month, including construction, manufacturing, retail trade, wholesale trade, transportation and warehousing, financial activities, information, and government.

Excellent Jobs Numbers just released - and I have only just begun.

Duncan said the Fed will mostly likely trigger in September its plan to allow a fixed amount of mortgage-backed securities and U.S. Treasurys to roll off the balance sheet, and also hike the federal funds rate by a quarter percent in December. Movement back to USA!

The jobs report is out and it's a beat. The persistently low wage gains suggest that the Fed's estimate of the natural rate of unemployment remains too low.

The Federal Reserve Bank of Boston this week released updated economic information for MA which showed unemployment is highest in the New Bedford area (6 percent) and lowest in the Boston-Cambridge-Nashua economic area (3.8 percent). The unemployment rate on Inauguration Day was 4.8%, and it has fallen since then, to 4.3% in July.

Wages have been of more concern to workers, with stagnation prevailing for several years until about 18 months ago, when wage growth has edged slightly ahead of inflation.

Labor force participation has been trending lower for almost two decades, partly because the population is aging and more workers are retiring.

The latest economic data follows a decision by the Bank of Canada last month to raise its key interest rate target to 0.75 per cent, its first increase in nearly seven years.

Additionally, wage growth remains roughly in line with where it's been stuck for the past few years. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. Over the past 3 months, job gains have averaged 195,000 per month.

The share of Americans over 16 who were active in the workforce rose in July to 62.9% from 62.8%.

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