US economy powers on with 850,000 new jobs

Another US jobs beat today showed the US created 850,000 new jobs in the month of June, comfortably above consensus estimates from economists who expected about 720,000. Unemployment rose slightly, however, up from 5.8% to 5.9% of the working population which constitute 61.6% of the Americans according to the last jobs report. Wage growth picked up a little too with average hourly earnings reaching $30.40. Following waves made by recent Fed signalling that interest rates could rise sooner than previously expected, markets held quite steady on the news which seemed to support the recent narrative of a strong economy and the potential for inflationary pressures to be sustained above the central bank 2% target.