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MNI BRIEF: Blowout July US Jobs Report Raises 75bp Hike Chance
U.S. employers added 528,000 workers in July, significantly above market expectations for a slowdown to 250,000 from June's 398,000 pace after revisions, as the unemployment rate dropped a tenth to 3.5% after flattening out at 3.6% for six months. Average hourly earnings rose 0.5%, a tenth faster than in June.
An overheated labor market is the key reason cited by Fed policymakers for raising interest rates briskly to bring demand and supply back into balance. (See: MNI STATE OF PLAY: Powell Signals 75bp Sept Fed Hike Possible)
Job gains were widespread, led by leisure and hospitality (96,000), professional and business services (89,000) and health care (70,000), the Bureau of Labor Statistics said.
The household survey showed a 179,000 gain in the number of employed people in July. The labor force participation rate fell a tenth to 62.1% and the employment-population ratio gained a tenth to 60.0%.
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