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US employment steady

August 7, 2015

Hundreds of thousands more jobs have been added to the US economy recently. There were also signs that wages were starting to pick up, raising expectations the Fed might indeed increase interest rates in September.

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US workers
Image: picture-alliance/dpa/Deutsche Rohstoff AG

Nonfarm payrolls in the US increased by 215,000 in July, the Labor Department reported on Friday.

It pointed to marked improvements in the construction and manufacturing sectors, with most jobs being added in retail, health care, financial and technical services.

There were more layoffs particularly in the energy sector, which continued grappling with the sharp decline in crude oil prices and its impact on the mining industry.

All eyes on the central bank

The overall jobless rate remained unchanged in July at 5.3 percent, the Federal Bureau of Labor Statistics announced.

Experts said there were signs that wages were beginning to pick up across the nation, raising the likelihood of an interest rate hike by the Fed in the fall of this year.

Children at work in the USA

"[The job figures] are another solid report overall," RBC Capital Markets economist Tom Porcelli said in a statement. "If you thought that the Fed was going to go in September, this report would suit the thematic nicely."

hg/cjc (Reuters, dpa)