July Payrolls Beat Expectations Rising 943,000 As Unemployment Rate Tumbles

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CNBC: With consensus expectations calling for a July payrolls print of 858K and whisper numbers starting at 1 million and rising (and Goldman going so far as expecting 1.175MM), moments ago the BLS reported that in July payrolls came in at a goldilocks 943K, comfortably beating the consensus but below a print that could be considered a clear trigger for “substantial progress” although likely sufficient for the Fed to signal the start of tapering at Jackson Hole.

While payrolls were solid, the unemployment rate was stellar, sliding from 5.9% to 5.4%, beating expectations of 5.7% as the number of people employed according to the Household Survey soared by 1.043 million to 152.645 million as the number of people um

Validating the solid unemployment rate data, the civilian participation rate also rose modestly from 61.6% to 61.7%. Read More