U.S. Added 209,000 Jobs in July, Beating Expectations
- 7 years ago
U.S. Added 209,000 Jobs in July, Beating Expectations
Citing the healthy payroll growth and steady gain in average hourly earnings in July, he added, “It really bodes well for macroeconomic growth.”
Indeed, stocks were higher in early trading after the release of the report, an indication Wall Street could post fresh records Friday.
Mr. Gapen said the data confirmed that the Fed would most likely stick with the plan Wall Street has been anticipating: a reduction in
its bond holdings in September as the central bank gradually reduces its stimulus efforts, followed by a rate increase in December.
While faster wage growth is certainly good news for American workers, Wall Street worries
that signs of real tightness in the labor market might force the Federal Reserve to tighten monetary policy more quickly.
Even before the report was released, Mr. Trump had issued a series of early-morning tweets citing economic progress, including consumer-confidence soundings
and plans by Foxconn and by Toyota and Mazda to build American plants.
Still, Mr. Gapen said, the retail weakness “was more than offset last month by gains in professional
and business services, leisure and hospitality and health care.”
Excellent Jobs Numbers just released - and I have only just begun.
“This is a Goldilocks report for the markets,” said Michael Gapen, chief United States
economist at Barclays, meaning it was neither discouraging nor overheated.
And for years, the missing ingredient in the job report has been robust wage growth, although pay has occasionally jumped on a monthly basis.
Citing the healthy payroll growth and steady gain in average hourly earnings in July, he added, “It really bodes well for macroeconomic growth.”
Indeed, stocks were higher in early trading after the release of the report, an indication Wall Street could post fresh records Friday.
Mr. Gapen said the data confirmed that the Fed would most likely stick with the plan Wall Street has been anticipating: a reduction in
its bond holdings in September as the central bank gradually reduces its stimulus efforts, followed by a rate increase in December.
While faster wage growth is certainly good news for American workers, Wall Street worries
that signs of real tightness in the labor market might force the Federal Reserve to tighten monetary policy more quickly.
Even before the report was released, Mr. Trump had issued a series of early-morning tweets citing economic progress, including consumer-confidence soundings
and plans by Foxconn and by Toyota and Mazda to build American plants.
Still, Mr. Gapen said, the retail weakness “was more than offset last month by gains in professional
and business services, leisure and hospitality and health care.”
Excellent Jobs Numbers just released - and I have only just begun.
“This is a Goldilocks report for the markets,” said Michael Gapen, chief United States
economist at Barclays, meaning it was neither discouraging nor overheated.
And for years, the missing ingredient in the job report has been robust wage growth, although pay has occasionally jumped on a monthly basis.