Menu
From our family at the " Jewish News Today " to your family Happy Chanukah and best wishes

From our family at the " Jewis…

During Chanukah lets all ...

World Jewish Congress urges UN Security Council to take collective action against Hamas

World Jewish Congress urges UN Secu…

NEW YORK – The World Jewi...

3rd Diplomatic Race to celebrate Israel's special needs community

3rd Diplomatic Race to celebrate Is…

Ahead of International Da...

Deadly Shooting at Pittsburgh Synagogue

Deadly Shooting at Pittsburgh Synag…

According to police and m...

PM Netanyahu's remarks at the start of the weekly cabinet meeting

PM Netanyahu's remarks at the start…

PM Netanyahu: "Israel sta...

11 Dead, 6 Injured in Pittsburgh Synagogue Shooting

11 Dead, 6 Injured in Pittsburgh Sy…

The gunman who killed 11 ...

World Jewish Congress expresses concern at explosion targeting Jewish community leader in Kazan, Tatarstan

World Jewish Congress expresses con…

NEW YORK - The World Jewi...

PM Netanyahu addresses the Christian Media Summit

PM Netanyahu addresses the Christia…

Iran wants to base itself...

PM Netanyahu visits the Ein Keshatot archaeological site on the Golan Heights

PM Netanyahu visits the Ein Keshato…

We will continue to act w...

PM Netanyahu and Chancellor Merkel hold working meeting

PM Netanyahu and Chancellor Merkel …

​We are seizing the futur...

Prev Next
A+ A A-
Booking.com

US Economy Adds 215K Jobs in July

Mil Arcega, VOA News


Yet more signs of an improving job market. The U.S. Labor Department says employers added 215,000 jobs last month.

That’s the third consecutive month of job gains above 200,000 following weaker than expected job growth earlier in the year. While the unemployment rate held steady at 5.3 percent, analysts say the July job gains increase pressure on the Federal Reserve to start raising interest rates soon.

As job reports go, July turned in a solid performance – with white collar jobs in retail, business services and health care leading the way.

Gad Levanon, managing director for economic outlook at the Conference Board, says that’s a good development that could ultimately lead to higher wages.

“The slack in the labor market is evaporating and we are getting to a tighter and tighter labor market which I think is good for employees, and at some point wages will accelerate. They have a better chance of finding a job that they like, so overall it's a good development," said Levanon.

Average hourly wages rose five cents from the previous month – up 2.1 percent from the same time last year. But you wouldn’t know it based on the reaction on Wall Street.

Stock prices on Wall Street slumped in early trading, but mostly because the July job numbers add pressure on the U.S. central bank to start raising interest rates. If the job gains continue next month – the Fed may have little choice – says Bankrate.com bureau chief Mark Hamrick – speaking to VOA on Skype.

"Fed officials like to talk about the fact that they are data-dependent, and, if we can hold them to their word on that, I think they will wait until the very last piece of data comes in before they decide to raise interest rates, but I do think it’s very much a possibility," said Hamrick.

Both analysts we spoke with predict an interest rate hike before the year ends.

"I think it makes it more likely that it will happen in September," said Levanon.

The Fed has kept the interest it charges other banks near zero since 2008 to bolster business and consumer spending. A September rate hike would mark the first increase in nearly a decade.

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

back to top

Sections

Jewish Traditions

About Us

Community

Cooperations

Follow Us