Women fared well in job market during July

Women fared well in job market during July

Women fared well in job market during July

The second straight month of robust job gains is a boost to the economy after growth averaged a tepid 1.0 percent annual rate in the last three quarters. Most analysts expect the solid hiring to help fuel an economic rebound in the second half of this year.

Stock investors seemed pleased by Friday's job figures, which raised hopes for the economy without seeming to compel the Federal Reserve to resume raising interest rates soon. And while jobless claims rose by 3,000 last week to 269,000, the number has fallen 5% over the past 12 months. The Fed has stood pat since lifting its benchmark rate in December for the first time in nine years.

Unemployment rates for post-9/11 veterans had hit double digits during the recession before steadily coming down since 2011, according to BLS statistics. It's up 2.6 percent over the last 12 months, matching the fastest pace since the recession.

Professional and business services added +75.000 jobs and has added +555,000 jobs the past twelve months. Federal, state and local governments added 38,000. Healthcare employment increased by 43,000 jobs, with most gains occurring in ambulatory services and hospitals. Hotels and restaurants added 27,000.

The BoE measures came as relief to global markets after a string of recent disappointing announcements by world central banks from Tokyo to Europe that fell well short of expectations and dampened buying sentiment. July's strong job gains, on the heels of June's, appear to confirm that, which is welcome news given weak overall economic growth so far this year.

Public perceptions of the economy have been largely negative during this election season despite low unemployment. That's a healthy improvement but still a slightly slower pace than previous year, when it had gained about 1.6 million jobs by this point.

Wages until recently had been the laggard in the economic recovery. Americans are confident enough to step up home purchases, aided by near-record-low mortgage rates. But new orders picked up, a sign that growth could remain healthy. Wages also continued to struggle, though there were marginal increases.

That figure underscored the importance of strong hiring, which puts more paychecks into more pockets and supports greater spending. And auto sales have leveled off, according to data released this week. The US central bank hiked interest rates in December for the first time in almost a decade, but has held them steady since amid concerns over persistently low inflation.

Strong jobs growth should boost the chances for Clinton, the Democratic nominee, to win the White House in November, especially if wages continue to rise. The residential sector remained stagnant for the month, adding only 700 net new positions.

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