By Tom Cooley and Peter Rupert
The employment report released today by the BLS was in line with expectations and so no surprises anywhere to speak of.
Establishment Survey
The establishment survey reveals total nonfarm payroll employment increased by 215,000 in July; both May (+6k) and June (+8k) were revised up slightly from the previous estimate, although the average monthly gain for the previous 12 months is 246k. While employment growth has remained steady, though slightly below its 12 month average, today’s report appears to keep the Fed on track for liftoff…most likely in September.
Average weekly hours ticked back up to 34.6 after four straight months at 34.5. Average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $24.99, up 2% over the past 12 months.
Household Survey
The household survey conveys a slightly weaker picture of the labor market. Household employment grew only…
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