The US economy added 209,000 jobs in July and the unemployment rate ticked up to 6.2%, the Bureau of Labor Statistics reports. That’s slightly below the consensus estimate of 233,000, but still not too shabby.
Data for May and June were revised to show a total of 15,000 more jobs created than previously reported, showing underlying momentum.
July marked the sixth straight month that employment has expanded by more than 200,000 jobs, a stretch last seen in 1997. The one tenth of a percentage point increase in the unemployment rate to 6.2 percent came as more people entered the labor market, a sign of confidence in the job market.
Average hourly earnings, which are being closely monitored as a potential signal of reduced slack that could prompt the Fed to raise rates, rose only one cent.