US employers added 187,000 last month, fewer than expected, as the higher interest rates continued to weigh on the economy. But the unemployment rate dipped to 3.5% in a sign that the job market remains resilient.
U.S. employers added 187,000 last month, fewer than expected, as the higher interest rates continued to weigh on the economy. But the unemployment rate dipped to 3.5% in a sign thaU.S. employers added 187,000 last month, fewer than expected, as the higher interest rates continued to weigh on the economy. But the unemployment rate dipped to 3.5% in a sign that the job market remains resilient.
Still last month's hiring was solid, considering that the Federal Reserve has raised its benchmark interest 11 times since March 2022. And the Fed's inflation fighters will welcome news that more Americans entered the job market last month, easing pressure on employers to raise wages to attract and keep staff.
Despite the influx of workers, average hourly wages rose 0.4% from June and 4.4% from a year earlier - numbers that were hotter than expected and are likely to worry the Fed.
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