Announced this morning, the economy added 157,000 jobs in July, a bit below forecasts. The unemployment rate fell one-tenth to 3.9% as expected. Average hourly earnings increased 0.3% for July and 2.7% on an annual basis. Although the headline jobs number for July was below forecasts, it was offset somewhat by an upward revision in June. Additionally, the average hourly earnings reading shows wage growth remains at levels seen in recent months, not accelerating substantially. Given this report, the Federal Reserve likely remains on track for their measured increases in the months ahead, assuming inflation remains at current levels. In all, equity futures are mixed and bond rates are unchanged following the report.
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