The Labor Department reports the U.S. created 209,000 new jobs in July, beating Wall Street forecasts. Economists expected only 175,000 new nonfarm jobs. The unemployment rate fell to 4.3% from 4.4%, retouching a 16-year low. Average wages climbed 0.3% to $26.36 an hour. Hourly pay is up 2.5% from a year ago. The average workweek was flat at 34.5 hours. Hiring was led by professional firms, health-care providers, and restaurants.
That jobs data supports the Federal Reserve’s efforts to normalize interest rates, which have hovered near historic lows. Bank shares, which benefit from higher rates, were leading early gains on the day, with the Financial Select Sector SPDR up 1.0% in early trade, led by gains in bank stocks, Bank of America is up almost 2%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
