US gains 209K jobs, unemployment rate falls to 4.3 percent
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US employers added 209,000 jobs in July, a second straight month of robust gains that underscore the economy's vitality as it enters a ninth year of expansion. The unemployment rate slipped to 4.3 percent from 4.4 percent, matching a 16-year low first reached in May, the Labor Department said Friday.
But growth in Americans' paychecks—a persistent weak spot since the recovery began in June 2009—remains stubbornly slow. Average hourly pay rose by 2.5 percent from a year earlier, the same tepid annual pace as in June. That's below the 3.5 percent to 4 percent that is typical when the unemployment rate is this low.
Still, the hiring data points to a healthy economy despite some mixed signals in recent weeks. Employers appear to be optimistic about their businesses and future consumer demand. The solid job gains may also fuel greater consumer spending, which would bolster economic growth.
