US jobs report: unemployment rate unchanged

9 years ago - Published in Finance, Fundamental Analysis

The unemployment rate in the US for the month of July remained stable at 4.9%. This was announced by the US Department of Labor. The same source also reported that the new jobs in non-agricultural sectors increased by 255 thousand units. In this case, the figure was higher than analysts' expectations. The estimates, in fact, pointed to an increase of 180,000 jobs. Revised upwards the detection of June to 292,000 jobs from 287,000 earlier.

Job growth in 2016 has averaged 186,000 per month, compared with 229,000 in 2015. Wages rose 8c, up from just 2c in June, suggesting the economy has added higher wage jobs.

"It looks like a pretty strong report overall. It shows the economy from a labor perspective is heading in the direction that the Fed wants. It gives the Fed some support for those looking for an increase in rates by the end of the year," said Doug Duncan, chief economist at Fannie Mae in Washington.

The dollar pushed higher after the figures. The euro was down 0.3 percent at $1.1100 while the dollar rose 0.1 percent at 101.28 yen.