U.S. employers added jobs at a solid pace in July, indicating a steadily improving job market, and wages rebounded after a surprising slump in June, the government reported Friday. The Labor Department said employers added 215,000 jobs last month as increases in construction and manufacturing employment offset further declines in the mining sector. The unemployment rate held steady at a seven-year low of 5.3 percent for a second consecutive month. Monthly job growth has averaged above 211,000 so far this year, indicating that employers are confident that the six-year recovery from the Great Recession can sustain strong consumer demand and require more workers. While hiring has slowed from last year's strong pace, it remains at double the rate needed to keep up with population growth. The Fed last month upgraded its assessment of the labor market, describing it as continuing to "improve, with solid job gains and declining unemployment."
