Better-than-expected job market numbers for July signaled continued growth, calming months of worries that the U.S. economy was braking.
The strong job creation, a national unemployment rate that stayed at a low 4.9 percent and a continued increase in average hourly pay were “everything you could have asked for, maybe more,” said Michelle Meyer, head of U.S. economics at Bank of America Merrill Lynch.
In Kansas City, as in many places around the country, the employment picture appears “constructive,” said Dan Heckman, national investment consultant at US Bank Wealth Management.
July’s gain of 255,000 payroll jobs joined the 292,000 added in June, according to the Labor Department.
Additionally, average wages rose 2.6 percent over the last 12 months. Recent college graduates are also finding jobs, one indicator of robust hiring. Staffing companies also are reporting steady hiring in well-paying jobs — positions that pay in the $50,000 to $150,000 range.
The report calmed initial Brexit fears — that Britain’s vote to leave the European Union would hurt U.S. hiring and growth – and revived talk that the Federal Reserve would again raise interest rates by the end of the year.
Read more: Kansas City Star