US Federal Reserve keeps interest rate unchanged

By Ovunc Kutlu

NEW YORK (AA) - The Federal Reserve announced Wednesday it will keep interest rates unchanged.

The Federal Open Market Committee (FOMC) said in a statement its members voted unanimously for the move.

The labor market has continued to strengthen and that economic activity has been rising at a strong rate, the statement said.

"Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low," it added.

The American economy added 213,000 jobs in June, while the unemployment rate rose to 4 percent, from 3.8 percent a month ago, but managed to stay at historic low levels.

Job gains and unemployment data for July will be released Friday.

While the economy is expected to add 193,000 jobs in July, unemployment rate is anticipated to fall to 3.9 percent.

The Fed last increased its benchmark interest rate in June, the second this year. It is expected to make two more rate hikes before the end of the year.

The central bank made a total of seven rate hikes since December 2015, three last year.