Nonfarm payrolls rose by a seasonally adjusted 255,000 last month, the Labor Department said Friday. Revisions showed U.S. employers added 18,000 more jobs in May and June than previously estimated.
Hiring figures have been strong for two consecutive months, though readings were choppy earlier in the year. So far in 2016, employment gains have averaged 186,000 a month, down from 229,000 a month in 2015.
A slowdown wouldn’t be a complete surprise: some policy makers and economists expect such moderation as the labor market tightens.
A tighter job market would also be expected to push up wages as employers compete over a diminishing pool of workers. Average hourly earnings for private-sector workers rose by 8 cents, or 0.3%, from June to July to $25.69. From a year earlier, average hourly earnings were up 2.6%, outpacing inflation. The Consumer Price Index increased 1.1% in June from a year earlier.