U.S. employers added 209,000 jobs in July, which was above the consensus forecast of 180,000 jobs. Over the past three months, job gains have averaged 195,000. This is a healthy pace and the economy remains in good shape, but job growth may be slowing slightly: 2017 has averaged 184,000 new jobs monthly, down from 2016's 187,000. Surprisingly, wage growth has not accelerated, despite the tight labor market. July's 2.5% wage growth maintained the pace we've seen for most of the past year.
Gross Domestic Product (GDP) for Q2 2017 grew by 2.6% at an annualized rate, in line with consensus expectations. This was the best quarter since Q3 2016 when growth was 2.8%. By comparison, growth in the second quarter last year was 2.2% and in Q2 2015 was 2.7%.