The U.S. economy added 255,000 non-farm payroll jobs in July according to the Bureau of Labor Statistics, rising above economists’ estimates while the unemployment rate was unchanged at 4.9 percent.
Economists from briefing.com had a consensus forecast of 185,000 non-farm payroll jobs in July.
Job increases were highest with professional and business services which added 70,000 in July followed by leisure and hospitality (45,000) and health care employment gains (43,000).
Over the past 3 months, job increases have averaged 190,000 per month.
Job revisions for the past 2 months were 18,000 higher.
May’s job report was revised from 11,000 to 24,000 while June’s was revised from 287,000 to 292,000.
In July average hourly earnings for all employees on private nonfarm payrolls increased by 8 cents to $25.69.
Average hourly earn the year have risen by 2.6 percent for the year.
The labor force participation rate was 62.8 percent in July and the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.5 hours in July.