US Employers Added More Workers Than Expected in July

- The Unemployment Rate for July remained at 5.0% versus estimates of 5.0% and 5.0% in June.
- Average Hourly Earnings for July rose .4% versus estimates of a .2% increase and a .2% gain in June.
- The Change in Non-farm Payrolls for July was 207K versus estimates of 180K and an upwardly revised 166K in June.
- The Change in Manufacturing Payrolls for July was -4K versus estimates of -5K and an upwardly revised -21K in June.

BOTTOM LINE: US employers added 207,000 workers in July, a bigger increase than expected, suggesting companies are gaining confidence as the economy accelerates, Bloomberg reported. Moreover, the Unemployment Rate remained at 5.0%, near a 4-year low. Average monthly job growth is 191,000 this year versus 183,000 last year. The strong employment report is sending long-term rates higher, thus pressuring stocks.