Hiring in July was far better than expected, defying signs that the economic recovery is losing steam.
Payrolls increased 528,000 in July, much better than expected in a sign of strength in the jobs marke and unemployment rate was 3.5%, - easily topping the Dow Jones estimates of 258,000 and 3.6% respectively.
Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from a year ago, higher than estimates.
Traders are now pricing in a higher likelihood of a 0.75 percentage point hike for the next Federal Reserve meeting in September.
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