Skip to comments.207,000 Jobs Created in July; Unemployment Rate Steady at 5.0%
Posted on 08/05/2005 5:35:42 AM PDT by RWR8189
In July 207,000 jobs were created, above expectations, and the unemployment rate held steady at 5.0%
Upward revisions for May and June as well.
5% is pretty damn good, IMHO.
Wonder if that will make the NYT's?
Most excellent news. Here come the doomers and gloomers, watch out....
You will find it on Page W62.
Wonder if they're all dishwashers or lawn mowers.
Beware the warnings of an overheating economy and rampant inflation.
Herbert Hoover's legacy is safe.
They are usually low when first announced.
I think 5% is pretty much the frictional rate of unemployment. If we push it down below that, we will see some inflation.
Wow, almost in the 4. + percent range. Amazing.
May revised to +126,000 payrolls.
June revised to +166,000 payrolls.
Good news. Maybe this will help with tax receipts and the deficit will drop even further than projected. As tired as we get of hearing the doom and gloom from the DemoRats, I get equally tired listening to the "true" conservatives gripe about the deficit. I hate the deficit too, but the administration policies seem to be growing us out of debt.
U.S. July Payrolls Rise 207,000; Jobless Rate Holds at 5%
Aug. 5 (Bloomberg) -- U.S. employers added 207,000 workers in July, more than forecast, suggesting companies are gaining confidence as the economy picks up steam in the second half. The unemployment rate held at 5 percent.
The increase in payrolls exceeded the median estimate of a 180,000 rise and reflected more jobs at retailers, auto dealers and financial services firms. Employment rose by 166,000 jobs in June, more than previously reported, the Labor Department said today in Washington. The jobless rate matched the lowest since September 2001.
The labor market data are the latest in a recent string of reports showing accelerating economic growth that may encourage the Federal Reserve to extend its series of interest rate increases, economists said. Hourly earnings rose 0.4 percent last month, the most in a year, which economists said will support spending and the economy even as higher gasoline prices take a bigger chunk out of workers' paychecks.
``The outlook is great, and the economy is firing on all cylinders,'' said Brian Wesbury, chief investment strategist at Claymore Advisors LLC in Lisle, Illinois, before the report. ``Businesses are confident, and I think the job market is stronger than the numbers this year have suggested.''
Companies that can no longer depend on efficiency gains to meet demand are hiring more, economists said. Average job growth this year is 191,000, more than the 183,000 in 2004, when the economy expanded the most since 1999. An index reflecting the number of industries hiring jumped to 62.8 in July, the highest since May 2004.
The expected increase in payrolls was the median of 74 forecasts in a Bloomberg News survey and followed a previously reported 146,000 rise in June. May employment was revised higher as well. Estimates ranged from gains of 80,000 to 300,000. They also forecast the jobless rate would hold at 5 percent.
5% unemployment = full employment. Very damn good.
Pelosi and Clinton are deeply saddened...
Naw it is horrible under a GOP admin, excellent under a RAT admin.. If you get my meaning..
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.