Keith Underwood 1 Comment

July NFP: A marginal increase of +215,000

Total US nonfarm payroll employment rose by 215,000 in July, the unemployment rate held at 5.3%, and average hourly earnings for all employees on private nonfarm payrolls rose a nickel, to just under $25. May and June NFP combined was revised just +14,000. July’s marginal increase of +215,000 does not, in my opinion, secure a September rate liftoff, but it does keep the prospect of a September (well telegraphed this week by FED talking heads) move alive. I continue to believe that 2016 will be the start of a gradual process to normalize rates.

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