U.S. job growth accelerated more than expected in July as private employers stepped up hiring, a development that could ease fears the economy was sliding into a fresh recession.
JAY FEUERSTEIN, CHIEF INVESTMENT OFFICER OF 2100 XENON GROUP IN CHICAGO
These are pretty good numbers. Revision is up and it is stronger than expected across the board. I don't think this is enough to bring us out of a slowdown, but these are not recessionary numbers.
In the short run, markets will react positively, but then it will become about the forward perception. How will they be going forward? How will recent events impact next month's read?
DAVID SLOAN, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON REUTERS
July's payrolls should provide a sigh of relief to those fearing a move back into recession. The 117k increase is not dramatically above expectations for a rise of 85k, but it contained upward revisions to the two preceding months, a fall in unemployment to 9.1% from 9.2% which was expected to be unchanged, and a 0.4% rise in average hourly earnings that was significantly above a 0.2% consensus. The data suggests the economy, while far from strong, is going to see some improvement from the weak pace seen in the first half of the year.