The U.S. economy added 209,000 jobs during the month of July, shattering initial expectations of 183,000 jobs to be added and prompting record high numbers from the Dow Jones this morning.
According to CNBC, investors were paying close attention to the jobs report “as they looked for clues about the Federal Reserve’s plans for future monetary policy changes.”
Said investors were apparently happy with what they saw in the report because, this morning, the Dow Jones rose a whole 53 points after its opening this morning.
“Kind of an all-around strong headline number,” CNBC quotes Citizens Bank head of global markets Tony Bedikian as stating.
“More people are coming into the labor force and finding jobs. It’s difficult to find anything really negative in this report.”
Indeed, the U.S.’s unemployment rate fell to 4.3% according to the new report, signifying the lowest rate since March 2001.
The most significant job gains, according to the report, came from restaurants and bars, which added 53,000 jobs.
Business services added 49,000, while the healthcare industry contributed 39,000.
“This is an unambiguously positive jobs report, as it suggests that consumers will have the wherewithal to increase spending (with solid job gains and faster wage growth) and that inflation may be slowly pushed higher by tighter labor and product markets,” Nationwide chief economist David Berson is quoted as stating by CNB