Time: 9:32 p.m. CEST
The latest report by the Department of Labor released on Friday said that the employees added 255,000 jobs in July. As the New York Times reports, “Experts expressed more confidence that the Federal Reserve was likely to raise interest rates at least once this year, and it was evident that long-stagnant wages for ordinary workers were advancing at a more robust pace.”
“This was everything you could have asked for, maybe more,” said Michelle Meyer, head of United States economics at Bank of America Merrill Lynch in a statement for the Times. “We’re seeing new entrants into the labor market, which implies a longer runway for the business cycle.” The unemployment rate is unchanged at a relatively low 4.9 percent. Wages are up 2.6 percent over the last 12 moths and the economists expect the continuation of the growth in 2017. Regardless the strength of job growth, the Federal Reserve could possibly raise the rates in December, rather than in September.
The latest report was a reason for President Barack Obama to post a tweet and say, “We have come a long way, America-let’s keep it going.”