The unemployment ticked lower to 4.3 percent to a 16-year low. These signs indicate the labor market is tightening. Fred Katayama reports.
Solid hiring last month. U.S. employers added 209,000 jobs in July. That topped economists' forecasts. The last two month's jobs gains were revised slightly upward. What's more, employers boosted wages. Those are signs the labor market is further tightening. The unemployment rate ticked lower to 4.3 percent. That's a 16-year low. Bankrate.com's senior economic analyst, Mark Hamrick: SOUNDBITE: MARK HAMRICK, SENIOR ECONOMIC ANALYST, BANKRATE.COM, (ENGLISH) SAYING: "We think about the fact that this economic recovery is now in its ninth year and see essentially a continuation of respectiable jobs creation tells us there's more room to run for expansion. Adn we continue to winnow away at the number of employed and unemployed in this country." Average wages rose 0.3 percent in July --- the biggest increase in five months. That could assure Federal Reserve officials who want to see inflation rise to its 2 percent target. Economists expect the Fed to announce it'll begin shrinking its huge portfolio of Treasury bonds in September, and they expect the sluggish wage growth and benign inflation will delay an interest rate hike until December. President Donald Trump tweeted, "Excellent Jobs Numbers just released - and I have only just begun." Doing the most hiring: restaurants and bars, professional and business services, and healthcare. The only sector shrinking payrolls was transportation and warehousing. Mining employment was flat. The dollar shot higher after the jobs report against a basket of currencies. U.S. stocks opened _____.