July’s strong jobs report could prepare the Federal Reserve to dial back its bond-buying program


Employees from the Louisville Urban League speak with job seekers at a Job News USA career fair in Louisville, Kentucky, U.S., on Wednesday, June 23, 2021.

Luke Sharrett | Bloomberg | Getty Images

July’s strong jobs report puts the Federal Reserve on track to slow its bond purchases — if the spread of Covid-19 doesn’t hurt the economy and hiring later in the summer.

Hiring was the fastest pace in a year. The economy added 943,000 jobs in July, nearly 100,000 more than the Dow Jones consensus estimate. The unemployment rate also fell to 5.4%, beating the forecasted jobless rate of 5.7%. Employment in May and June was also revised higher by a total of 119,000 payrolls.

“This is a good number…


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