Nonfarm payrolls were expected to increase by 185,000 in July, according to the Dow Jones consensus estimate.
Job growth in the U.S. slowed much more than expected during July and the unemployment rate ticked higher, the Labor Department reported Friday.
Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly revised 179,000 in June and below the Dow Jones estimate for 185,000. The unemployment rate edged higher to 4.3%, its highest since October 2021. Average hourly earnings, a closely watched inflation barometer, increased 0.2% for the month and 3.6% from a year ago. Both figures were below respective forecasts for 0.3% and 3.7%.The report adds to mixed signals recently about the economy and with financial markets on edge about how the Federal Reserve will respond.
From a sector standpoint, health care again led in job creation, adding 55,000 to payrolls. Other notable gainers included construction , government and transportation and warehousing . Leisure and hospitality, another leading gainer over the past few years, added 23,000.While the survey of establishments used for the headline payrolls number was discouraging, the household survey was even more so, with growth of just 67,000, while the ranks of the unemployed swelled by 352,000.
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