Employers added more jobs than expected in July, according to a New York Times report.
Here are five key notes from the report:
1. Employers added 255,000 jobs, meaning the growth rate may be more robust than expected. Hiring in May was weaker than expected but there was a rebound in June. These numbers for July show the economy may be gaining momentum.
2. Unemployment rate was flat at 4.9 percent, with economists expecting it to fall to 4.8 percent.
3. With the better gains over the past three months and the jump in July hiring, the NY Times report suggests the Federal Reserve could take a new look at raising interest rates in September. Last month the Feds said the economy was growing more strongly and “there were fewer clouds on the horizon.”
4. The labor participation force was up only slightly to 62.3 percent in July which is up from 2015 but the proportion of working Americans is still low, comparable to those seen in the late 19970s.
5. Wages are up, with hourly earnings jumping 0.3 percent in July; this makes the 12-month gain 2.6 percent. The growth is due to lower unemployment and raise in minimum wage in many states