U.S. jobs report beats expectations
On Friday, the latest U.S. jobs report was released, demonstrating a more robust labour market than many had expected. U.S. stocks were mixed, with the S&P 500 churning just below an all-time high, while the dollar erased some losses.
The report said that U.S. employers added 209,000 jobs in July and the country’s unemployment rate fell to 4.3%. Meanwhile, average hourly pay for workers rose 2.5% from the previous year to $26.36.
The U.S. labour market’s long recovery continues
July is the 82nd straight month of U.S. job growth, making it the longest winning streak for the labour market on record. These post-2009 gains have not been evenly spread amongst industries, however. Recent months paint a clear picture of the shape in which the economy has been growing:
Winners and losers on the jobs market
Friday’s strong numbers make a case for tighter monetary policy, which is buoyed by better household incomes and rising consumer confidence. Meanwhile, markets remain relatively calm concerning the difficulties faced by President Donald Trump, who’s policy agenda appears to have come unstuck, and who is facing increasing scrutiny over his actions in the run up to the general election.
The opinions in this article do not reflect those of Dominion Fund Management Limited, and in the instance of any forward-looking statements, these should not be construed as advice.
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