July New Jobs Substantially Beat Expectations

by Doug Short
Financial Sense

This morning’s employment report for July showed a 255K increase in total nonfarm payrolls along with an 18K upward revision for June and a 13K upward revision for May. The Investing.com consensus was for 180K. The unemployment rate remained unchanged at 4.9%.

Here are the lead paragraphs from the Employment Situation Summary released this morning by the Bureau of Labor Statistics:

Total nonfarm payroll employment rose by 255,000 in July, and the unemployment rate was unchanged at 4.9 percent, the US Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, and financial activities. Employment in mining continued to trend down.

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