The gains provided reassurance that the recovery has momentum despite slow growth in the broader economy. Standard & Poor’s chief U.S. economist Beth Ann Bovino said the job market delivered a “solid sequel” to the blockbuster hiring in June, leaving weak performance in May a “distant memory.” The Labor Department increased its estimate of job growth over both those months by 18,000. The unemployment rate remained unchanged in July at 4.9 percent.
“The economy continues to power forward despite the uncertainty and geopolitical risks out there in the world,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “The economy is moving forwards, not backwards.”