Excellent Employment

With 255,000 net new jobs created in July and upward revisions to prior months, Friday’s job report was stellar. While the unemployment rate held steady, it’s because a huge number of persons entered the labor force. Moreover, the work week rose from 34.4 hours to 34.5; equivalent to another 375,000 jobs. Combined with average hourly earnings rising 0.3%, monthly take-home pay rose 0.8%! Nonetheless, a September rate hike remains unlikely.