Hospitals add 7.3k jobs in July, continue job growth

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Hospitals add 7.3k jobs in July, continue job growth

Average hourly earnings rose by 9 cents to $26.36 in July. With these revisions, employment gains in May and June combined were 2,000 more than previously reported.

And for years, the missing ingredient in the job report has been robust wage growth, although pay has occasionally jumped on a monthly basis. Still, that leaves the growth at about 2 percent in the first half of the year, the same modest pace of growth the USA has experienced since the Great Recession.

The data are unlikely to change near-term policy.

Kaskhari has said all year he wanted the Fed to hold off hiking rates until inflation firms.

The battered retail sector added 900 jobs in July. Instead, gains have likely come from reductions in harmful regulations that make it easier to run businesses in the U.S.

Hiring was particularly strong in restaurants and bars, which added 53,100 jobs. Disney reports fiscal third-quarter earnings after the close on Tuesday.

"Over time, there's little doubt that as the labor market gets tighter and tighter, wages and salaries will eventually rise".

"Instead of creating jobs or raising workers' wages, the Republican Congress spent seven months doing everything it could to raise Americans' health costs to hand tax breaks to the richest", Pelosi said in a statement Friday.

Expectations were for wages to rise 0.3% month-on-month and 2.4% over the prior year.

One issue may be that workers aren't changing jobs. In other words, it's not simply a matter of Americans not finding work when they do choose to be part of the labor force, but of Americans choosing to drop out because they can afford to.

There are still some underlying signs of softness in the labor market.

In all, six sectors saw wage growth below the 2.5 percent total, and four sectors exceeded it.

Benjamin Reitzes, Canadian rates and macro strategist at BMO Capital Markets, said there were some one-time factors affecting the trade numbers. It's expected to show no big improvement in the pace of wage growth.

"I think we're getting to the point in many places...where they're saying, "It's going to cost me too much money not to hire the extra labor". The U-3 figures have plateaued more or less around 4.3% over the last few months, while the U-6 unemployment rate has been at 8.6% three of the last four months.

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