U.S. Job Growth Improves in July

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Economic Update: Nonfarm Payrolls

The Labor Department reported that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy at the present time, gained 163,000 in the month of July.

The increase in the number of new jobs was well above the consensus estimates for an increase of anywhere from 99K and was above June’s downwardly revised 64K (May: 77K, April 78K).

This was the best payrolls number since February of this year, a time when analysts believed the economy was performing better than expectations.

The private sector (aka the household survey) showed gains of 172K jobs, which was in line with this week’s ADP report that showed 176K new private sector jobs.

The nation’s Unemployment Rate rose to 8.3%, which was above the consensus expectations for 8.2%.

Next up, average hourly earnings rose by +0.1% on a month-over-month basis while the average number of weekly hours worked held steady at 34.5.

This report was a modest positive surprise as most market analysts had been looking for job growth closer to 100K and stock futures have moved higher on the news.

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Other stories on the US Economy to review:

• Factory Orders Miss Mark in June
  
• Challenger Planned Job Cuts Drop in July
  
• ISM Manufacturing Still Sub-50 in July
  
• ADP Employment Report Surprises to Upside in July
  
• Consumer Confidence Perks Up in July, But...
  
• Chicago PMI Headline BTE, But Employment Dives
  
• Personal Income Up, Spending Flat in June
  
• GDP Slows to 1.5% in Q2
  
• Pending Home Sales Down in June
  
• Durable Goods Up on Transportation Orders
  
• Markit's Flash Manufacturing PMI Weakest in 19 Months
  
• Philly Fed Down Again in July
  
• LEI Falls Again in June
  
• Existing Home Sales Fall in June
  
• Housing Starts Higher, Permits Lower in June
  
• Industrial Production Above, Capacity Utilization Below Expectations
  
• CPI Shows Inflation Flat in June
  
• Empire Manufacturing Improves in July
  
• Retail Sales Disappoint in June
  
• PPI Up in June
  
• Import/Export Prices Down in June
  
• NFIB Small Business Optimism Index Pulls Back Again

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