The Bureau of Labor Statistics reported another all-around solid jobs report for July. The U.S. economy created 209K net new jobs last month, easily beating consensus expectations for 180K jobs.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Aug. 4.
- Job gains in July were led by private service providers.
- The jobs report is strong enough to keep the Fed on course for a September balance sheet reductions announcement, and it will keep a December rate hike from the Fed on the table.
- Some FOMC members could begin to worry that the labor market is running a little too hot right now.
- It’s premature to conclude the U.S. economy is breaking out of its 2% trend growth rut, though we do think GDP growth in Q3 will come in closer to 2.6% than 2.0%.
Read More ›
Overall this was a solid payroll report that reinforces the notion that the U.S. labor market remains a bright spot for the U.S. economic expansion.Read More ›
The 138,000 jobs created last month left behind some confusion and uneasiness about the true underlying strength of the U.S. labor market.Read More ›
We haven’t seen these low levels for jobless claims since the early 1970s, when the labor market was about half the size it is today.Read More ›
Details of the December payroll report reveal a solid U.S. labor market with plenty of fuel left in the tank.Read More ›