The government’s July jobs report shows an economy that has really picked up steam.
According to the U.S. Bureau of Labor Statistics, total nonfarm payroll employment increased by 209,000 in July, and the unemployment rate was down to 4.3 percent.
This is especially good, since the experts were only expecting to see 180,000 new jobs for the month.
Job gains occurred in food services and drinking places, professional and business services, and health care.
Employment growth has averaged 184,000 per month thus far this year, in line with the average monthly gain in 2016.
In July, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to $26.36. Over the year, average hourly earnings have risen by 65 cents, or 2.5 percent. In July, average hourly earnings of private-sector production and nonsupervisory employees increased by 6 cents to $22.10.