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August 5th 2011 CNBC Stock Market Squawk Box July 2011 Jobs Report

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Published on Aug 5, 2011

8/5/2011 - CNBC Stock Market Squawk Box July 2011 Jobs Report.

The economy finally got a break with better-than-expected numbers in the July jobs report. Payroll jobs advanced 117, 000, following a revised 46,000 rise in June, and revised 53,000 in May. Analysts had projected a 75,000 gain. Also, the May and June revisions were up net 56,000. Private sector growth was somewhat healthier as private nonfarm payrolls grew 154,000 in July, following an 80,000 rise in June and 99,000 increase in May. The median forecast was for a 108,000 boost for the latest month.

A rebound in the auto sector appears to be helping earnings. Wage growth picked up as average hourly earnings increased 0.4 percent, no change in June. The market forecast was for a 0.2 percent increase. The average workweek for all workers in July was unchanged at 34.3 hours and matched the market consensus.

From the household survey, the unemployment rate slipped to 9.1 percent from 9.2 percent in June. The July figure came in below expectations for 9.2 percent.

Today's report should relieve fears that the economy is headed back into recession. Growth is still modest but positive. And maybe the phrase "transitory" will again be seen applying to first half weakness. Equity futures jumped on the news.

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