US Creates 187K Jobs In July, Lower Than Expected
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The July jobs report showed lower job growth than expected.
Employers added 187,000 jobs in July, below the 200,000 that was expected.
One bright spot was .4% wage growth.
Employers in the United States added 187,000 workers to their payrolls in July, the Department of Labor said Friday, less than expected.
The unemployment rate, however, fell to 3.5 percent.
In the preliminary report for June, the Labor Department had said that the economy added 209,000 jobs and the unemployment rate was 3.6 percent. The June jobs number was revised down to 185,000 on Friday.
Average hourly wages roe 0.4 percent for the month, slightly more than expected. Compared with a year ago, average hourly wages are up 4.4 percent.
Prior month job totals were revised down.
Previous months’ totals were revised lower — the June count dropped to185,000, a downward revision of 24,000, while May was cut to 281,000, down 25,000 from the previous estimate.
Even with the slowing job gains, the economy has proved resilient against a variety of challenges, particularly a series of 11 Federal Reserve interest rate hikes aimed at bringing down inflation.
Most Wall Street experts have been forecasting a recession at least for the past year, but growth has managed to stay positive as consumers keep spending and the services sector rebounds from its pandemic-related disruptions.
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