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U.S. Jobs Far Beat Expectations in July

The political picture south of the border may be all topsy-turvy, but the employment picture is so bright, Americans have to wear shades.

Figures released by the U.S. Labor Department show that country's economy added 209,000 jobs in July and the unemployment rate was 4.3%.

Economists surveyed by Reuters had expected the report to show growth of 183,000 with the jobless rate ticking down to 4.3%, the lowest since March 2001. A more encompassing rate that includes discouraged workers and the underemployed was unchanged at 8.6 percent.

The number of employed Americans also hit a fresh new high at 153.5 million.

Moreover, the department's closely-watched wage number was unchanged from previous months, with average hourly earnings up 2.5%. The average work week also was unchanged at 34.5 hours.

The Bureau of Labor Statistics also said bars and restaurants provided the biggest boost for the month with 53,000 more positives, while professional and business services contributed 49,000.