The labor market turned in a strong showing for the second straight month in July as employers added 255,000 jobs, pointedly easing concerns stoked by a spring slump, USA Today reports.
The unemployment rate was unchanged at 4.9%, the Labor Department announced this morning, as a sharp rise in employment was offset by a similar-size increase in the ranks of those both working and looking for jobs.
Economists surveyed by Bloomberg had forecast 180,000 job gains. Businesses added 217,000 jobs, led by professional and business services, healthcare and finance. Federal, state and local governments added 38,000 jobs.
Also encouraging: Job gains for May and June were revised up by a total 18,000. May’s was revised to 24,000, up from 11,000, and June’s to 292,000 from 287,000.
Average hourly wages rose 8 cents to $25.69 and are up 2.6% the past year, maintaining the annual rise posted in June. Earnings growth has picked up moderately this year from the roughly 2% pace that has prevailed in the recovery but has yet to surge despite the near-normal unemployment rate. The Federal Reserve is looking for stronger pay increases and inflation before lifting interest rates again.
