Intraday Economic News: U.S. Nonfarm Payrolls Gain 163,000 Jobs In July Aug 12

Standard & Poors, August 2012

Abstract
U.S. nonfarm payrolls gained 163,000 jobs in July--much larger than the consensus expectation of 100,000. This was also the largest monthly increase since February, when 259,000 jobs were created. The private sector added 172,000 jobs to the work force, offsetting the loss of 9,000 jobs at the government. The unemployment rate ticked up to 8.3% from 8.2% the month before, as a 195,000 drop in household employment surpassed the 150,000 decline in the labor force. The workweek held at 34.5 hours, with average hourly earnings rising by 0.1% in July, after jumping 0.3% the month before. Earnings are up 1.7% versus last July. While the bump up in the unemployment rate was a surprise, the much-stronger-than-expected increase in payrolls will...

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Research Type: Commentary
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