U.S. economy adds 255,000 jobs in July

The latest jobs data came in above expectations with non-farm payrolls adding 255,000 jobs in July, according to data released by the Bureau of Labor Statistics released today.
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The latest jobs data came in above expectations with non-farm payrolls adding 255,000 jobs in July, according to data released by the Bureau of Labor Statistics released today.

The unemployment rate was steady at 4.9 percent. Economists expected an addition of 185,000 jobs and an unemployment rate of 4.8 percent, according to Forbes.

Most of the job gains occurred in professional and business services that added 70,000 jobs in July and 550,000 jobs during the last 12 months.

The second big rise came from health care sector, which added 43,000 jobs last month, with gains mostly coming from ambulatory health care services, up 19,000, and hospitals which added 17,000.

The solid July jobs report builds up on the positive momentum set by June jobs report, after a disappointing growth in May jobs data sparked fears of slowdown in the economy, the website reported.

Employment in mining industry continued to disappoint with 6,000 job losses last month. Since reaching a peak in September 2014, employment in this industry has fallen by 220,000, or 26 percent.

The labor force participation rate was 62.8 percent, up from 62.7 percent in June. Average hourly earnings edged up 8 cents to $25.69, compared to $25.61 in June. The employment-population ratio, which measures employed to the total working-age population, now stands at 59.7 percent.

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