It is looking like a great day for the U.S. economy.
The US economy added 255,000 jobs in July, many more than expected, while the unemployment rate was unchanged at 4.9%.
Economists had forecast that the increase in nonfarm payrolls totaled 180,000, while the unemployment rate dipped to 4.8%.
After two huge swings — down in May, then up in June — economists had expected the July jobs report to show that the pace of job creation moved back towards trend.
The number of jobs added in June was revised up by 5,000 to 292,000.
Wages continued to rise. Average hourly earnings rose 0.3%, and 2.6% year-on-year, the highest since the Great Recession.
The labor force participation rate rose to 62.8%. It was being closely watched again to gauge whether or not a record number of job openings is drawing people into the labor force. The rate has steadily declined in recent years, partly because of retirements.
But at the same time, there are fewer people outside the labor market finding jobs — suggesting that the economy is near or at full employment.
After the good report, the USD rose against other major currencies, while the Gold plunged.
