From Reuters.com:
U.S. job growth slowed in July and the unemployment rate unexpectedly rose, pointing to slack in the labor market that could give the Federal Reserve room to keep interest rates low for a while.
Nonfarm payrolls increased 209,000 last month after surging by 298,000 in June, the Labor Department said on Friday. Economists had expected a 233,000 job gain.
Although job growth was below expectations, July marked the sixth straight month employment expanded by more than 200,000, a signal of strength last seen in 1997...
The report showed average hourly earnings, which are being monitored as a potential signal of reduced job market slack that could prompt the Fed to raise rates, rose only one cent...
Policymakers on Wednesday cautioned that "significant" labor market slack remained, signaling patience on the rate front. The Fed has kept benchmark rates near zero since December 2008.
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Link: http://www.reuters.com/article/2014/08/01/us-usa-economy
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