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The jobs report is out and it’s looking good: employers added 173,000 workers, dropping the jobless rate to 5.1%—lowest since April 2008—the Labor Department said Friday. Payrolls also increased—although not as much as expected—making it the third straight month of advances, and average hourly earnings exceeded expectations as workers put in more hours (34.6, the longest average in six months). Some of the new jobs came from health services; leisure and hospitality; local governments; and education, particularly as the school year starts. Retailers and construction companies slowed hiring, but still did well. Factories, however, did less well: payrolls fell by 17,000, the most since July 2013. When the Fed meets in two weeks, the full employment level will be a key factor as they determine whether the labor market is showing ongoing improvement necessary to increase interest rates. Some economists have said the Fed may delay (or at least heavily debate) the increase, due to the Dow and Chinese markets. [Bloomberg]
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