Job Growth Stays on Track
If you heard a strange noise in Friday it was probably just economists breathing a heavy sigh of relief.
This followed the U.S. Bureau of Labor Statistics’ release of its nonfarm payroll employment for July – -which showed that the economy produced a healthy 255,000 jobs during the month.
Wall Street had expected maybe 180,000, so this was a pleasant surprise.
More importantly, the job production figure for July allayed fears that we might see a repeat of May, when the economy produced just 11,000 jobs.
This had been followed by a bounce back to 287,000 in June, but still: the anxiety lingered.
The healthy job gains for June and July also help to counteract the effects of a recent government report showing that the U.S. economy barely grew in the second quarter.
With the July jobs report, economists can weight some good with the bad. These days, such a “glass half full” scenario counts as a win.
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