Article by ForexTime
The labor market in the United Stares continues to show improvement as employment rose solidly in July and wages rebounded after a surprise stall in June. The upbeat data strengthens the case for a Federal Reserve interest rate hike in September.
Nonfarm payrolls increased 215,000 last month as a pickup in construction and manufacturing jobs offset further declines in the mining sector, the Labor Department reported on Friday. Meanwhile, the unemployment rate remained at a seven-year low of 5.3 percent.
Payrolls data for May and June were revised to show 14,000 more jobs created than previously reported. In addition, the average workweek increased to 34.6 hours, the highest since February, from 34.5 hours in June.
The dollar rose to a two-month high against the yen and firmed versus the euro. The swaps market was pricing in a 52 percent chance of a September rate hike, up from 47 percent before the jobs data.
Article by ForexTime
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