In July 943,000 Jobs Were Added, Unemployment Dipped To 5.4%

In July 943,000 Jobs Were Added, Unemployment Dipped To 5.4%

Did Goldilocks find the right bed with the July Labor Department's strong jobs report? Fed Chairman Powell has said in the past that the Fed will need to see solid jobs growth before it starts to taper. Although we won't know what the Fed might be thinking, this month's jobs report will be an important one to watch after last month's solid report. Yesterday, the market closed higher across the board, the only day so far this week the market was not choppy, as it continued to digest strong earnings while awaiting the July jobs report Friday morning from the U. S. Labor Department. Nine of the S&P 500's 11 sectors rallied Thursday, with only the Health Care SBRA and Materials groups finishing lower. The July nonfarm payrolls added 943, 000, above analyst estimate and higher than the 850, 000 in June, according to Briefing. com. The unemployment rate came in at 5. 4%, better than the expected 5. 7% and hourly wages were up 0. 4%. Drilling down, industries that added the most jobs included leisure and hospitality, which increased by 380, 000 jobs. Two-thirds of those job gains were in food services and drinking places, accounting for 253,