US: Strong Job Growth in July, US Dollar Stronger

US job growth rose strongly in July amid demand for workers in the labor-intensive service sector, indicating that the economy maintained its strong momentum at the start of the second half, according to a US Bureau of Labor Statistics report released on Friday.

The US Labor Department said in its report that non-farm payrolls increased by 943K last month after rising by 938K in June.

The unemployment rate fell to 5.4% from 5.9% in June.

Average hourly earnings rose 4%, compared to expectations of 3.8%.

The US dollar is up 0.26% on the day and is trading at 92.50.