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Economic News in Review Greenville SC - Aug 11, 2015
Economic News in Review Greenville SC
Here is last week’s Economic News in Review Greenville SC.
New job growth continued to keep unemployment in check, while incomes were up and lay-offs ticked up slightly.
The economy added 215,000 jobs in July, which kept the unemployment rate hovering at 5.3 percent, according to last week's report from the Bureau of Labor Statistics. Key areas of job growth were in the retail trade, healthcare, professional and technical services, and financial sectors.
Likewise, wages were up in July, with average hourly earnings for all private, non-farm employees rising to $24.99. Over the year, average hourly earnings have grown by 2.1 percent. The Bureau's report was largely in line with what the market was expecting to see.
"While the report was not overwhelming in strength, it showed the economy and the labor market to be performing well," Daiwa Capital Markets America's Chief Economist Michael Moran told MarketWatch.
Similarly steady, the number of people unemployed for 27 weeks or longer continued to sit at 2.2 million, accounting for 26.9 percent of total unemployed. The number of persons employed part-time for economic reasons, such as their hours getting cut or only being able to find part-time work, held at 6.3 million in July. Likewise, ... more
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