Difference between revisions of "Strong U.S. employment report brightens economic outlook"

Revision as of 16:18, 6 September 2016

More than a million Turks gathered in Istanbul on Sunday for a rally called by President Tayyip Erdogan to denounce a failed coup - a show of strength staged in the face of Western criticism of widespread purges and detentions.

Erdogan, a polarizing figure seen by opponents as intolerant of dissent, has invited the heads of the secularist and nationalist main opposition parties to address the crowds in a display of national unity in defiance of Western criticism.

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Construction payrolls rose 14,000 following three consecutive months of declines. Manufacturing sector employment increased by 9,000 jobs in July after adding 15,000 positions in June. Mining shed a further 7,000 jobs in July.

Amid the cooling of ties with the West, Erdogan is due to meet Russian President Vladimir Putin on Tuesday in St Petersburg for talks intended to end a period of tension after Turkey downed a Russian fighter jet near the Syrian border last November.

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"Erdogan has been brutal and unfair to us in the past, but I believe he has now understood the real importance of the republic's values," said Ilhan Girit, 44, a musician and CHP supporter, carrying a flag of Mustafa Kemal Ataturk, founder of the modern secular republic.

Nonfarm payrolls rose by 255,000 jobs after an upwardly revised 292,000 surge in June, with hiring broadly based across the sectors of the economy, the Labor Department said on Friday. In addition, 18,000 more jobs were created in May and June than previously reported.

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Such solidarity may not last. There are already opposition concerns that the restructuring of the military lacks parliamentary oversight and is going too far, with thousands of soldiers discharged, including around 40 percent of generals.

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Treasury dealers who do business directly with the Fed, 13 said the U. central bank would raise its target interest rate by a quarter percentage point by the end of the year, compared with 8 of 15 primary dealers in a July 8 poll.

"We're here to show that theses flags won't come down, the call to prayer won't be silenced, and our country won't be divided," said Haci Mehmet Haliloglu, 46, a civil servant who traveled from the Black Sea town of Ordu for the rally.

Other details showed a rise in the labor force, which lifted the participation rate, or the share of working-age Americans who are employed or at least looking for a job, by one-tenth of a percentage point to 62.

With both hours and hourly earnings rising, workers' take-home pay shot up 0. The average workweek increased by 0. 3 percent increase in average hourly earnings left the year-on-year gain at 2. 5 hours in July, the most since January.

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