Real Average Hourly Earnings Are Negative

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The monthly jobs report for July is out and it shows that total nonfarm payroll employment rose by 157,000 in July, and the unemployment rate edged down to 3.9 percent. Employment increased in professional and business services, in manufacturing, and in health care and social assistance.

The U-6 underemployment index (full-time plus part-time) fell to its lowest level since May 2001.

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While average hourly earnings YoY has been rising since 2012, recent changes are stalled at around 2.7% YoY.

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Unfortunately, REAL average hourly earnings are negative.

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Here is the rest of the top-line numbers. Jobs added was only 157k, lower than expected.

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Treasuries had little immediate reaction to U.S. July jobs report, in which a smaller-than-expected increase in nonfarm payrolls (157k vs 193k median est. in Bloomberg survey) was offset by upward revision to June, and average hourly earnings increase and unemployment rate that were in line with forecasts.

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