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Business

U.S. job growth beats forecasts for July

Opening sequence

Opening sequence

Business

U.S. job growth beats forecasts for July

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COMING UP:U.S. job growth beats forecasts for July

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Transcript

00:00:02
>> Stock markets surging Friday on the heels of a better than expected labor report, Reuters' US Economics editor Dan Burns.>> Well the fact that it was so much stronger than expected, 255,000 jobs as opposed to an expectation of 180,000. And the upward revisions to the prior month were modest, but it did mean that we now are back on a trajectory of having outperforming in the current month numbers plus positive revisions to the previous reports.
00:00:31
It really paints a pretty rosy picture.>> Digging further into Friday's numbers, wages also climbing, average hourly wages are up by a healthy eight cents. Workers are also clocking in more hours per hours per week, meaning more in consumers pockets, which should continue to boost consumer spending. The unemployment rate unchanged at 4.9%, possibly because an increase in hiring may send more people looking for work.
00:00:56
Technology and health care showing the most job growth. Jobs in leisure and hospitality are also up despite recent travel scares. The labor market's strength bringing forward expectations that the Federal Reserve may raise interest rates, the Fed is set to meet in September.