209,000 jobs were added last month, which is "somewhat above" the expectations of Wall Street economists. The unemployment rate also decreased slightly to 4.3 percent from 4.4 percent in June.
“This is a Goldilocks report for the markets,” Michael Gapen, chief United States economist at Barclays, told The New York Times. So what exactly does that mean? The Times said Gapen meant that the report was "neither discouraging nor overheated."
“It really bodes well for macroeconomic growth," Gapen added.
Economists expected a 180,000 job gain, but the report far surpassed expectations. Additionally, average hourly earnings rose 0.3 percent in July as compared to 0.2 percent in June.
President Trump immediately took credit for the report, tweeting that it's "excellent" and that he's "only just begun." However, as The Times notes, "while hiring and the overall unemployment rate continue to be important, an even better gauge of how Mr. Trump is handling the economy in the months ahead will be whether wages and labor participation both rise."
Drew Angerer / Staff for Getty