- Nonfarm Payrolls rise 943,000 in July, revisions add 31,000 in May and 88,000 in June.
- Unemployment Rate falls to 5.4%, underemployment to 9.2%.
- Treasury yields, the dollar and stocks levitate, Dow S&P 500 at records.
- Federal Reserve comments on bond taper appear prescient.
Hiring in the US has nearly doubled in the last two months in spite of fears of a resurgent pandemic and constraints from one of the tightest job markets in a generation.
Nonfarm Payrolls (NFP) added 943,000 workers in July, beating the 870,000 forecast and June’s total was revised up to 938,000, according to the Labor Department on Friday. Together the average of 940,500 was just shy of twice of the 487,400 monthly total from January to May.
The unemployment rate fell to 5.4% in July from 5.9% in June, also far better than the 5.7% prediction. The so-called underemployment rate, which includes discouraged workers,…