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Business/Finance See other Business/Finance Articles Title: Dow hits record high after US jobs report beats forecasts - as it happened Dow hits record high after US jobs report beats forecasts - as it happened A US Dollar note. Photograph: Thomas White/Reuters Graeme Wearden Friday 4 August 2017 10.37 EDT First published on Friday 4 August 2017 03.14 EDT Summary: US jobs report cheers the markets Time for a quick recap: America’s economy has beaten expectations by creating 209,000 new jobs in July. An upbeat Non-Farm Payroll report also showed the jobless rate has fallen to 4.3%, while annual wage growth remained at 2.5%. The labor force participation rate picked up too. Here are the details Economists broadly welcomed the news. As Michael Pearce of Capital Economics put it: The real economy remains on a strong growth path at the start of the third quarter. If the labour market continues to tighten over the coming months, as the survey evidence suggests it will, the Fed will raise rates again later this year. Many of the new jobs were low-paid, though, while manufacturing continued to shrink as a share of the economy. Wall Street cheered the NFP report, sending the Dow Jones industrial average to a new all-time high. Marcus Bullus, trading director of MB Capital, says: “After seven straight record closes, the Dow’s reaction to Friday’s solid US jobs data has been balanced rather than breathless – with much of the cheerleading left to President Trump. “But nevertheless there’s much to be reassured by in this comprehensively strong jobs print. “Yes the headline figures are impressive, both on the job creation and unemployment rate fronts. “But the details are arguably more important – the participation rate is creeping up as more Americans return to work, and average wages continue their solid upward progress. “With more Americans working, and more Americans earning more, the US’s consumer-led growth remains firmly on track – powering equities into a sustained bull run. The dollar is also staging a recovery. It has now surged by 1% against the euro after hitting its lowest level since January 2015 this morning. Donald Trump welcomed the figures on Twitter (where else?....). Post Comment Private Reply Ignore Thread
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