The U.S. economy created fewer jobs than expected in July, showing further cooling in the labor market from last year’s overheated levels.
Employers added 114,000 nonfarm payrolls last month, according to data from the Bureau of Labor Statistics on Friday. Economists’ consensus forecast had been for a gain of 175,000.
The unemployment rate rose to 4.3%, above the consensus forecast for an unchanged 4.1%.
The pace of job growth has decelerated from last year’s monthly average of more than 250,000, while the unemployment rate has increased from a half-century low of 3.4% in April 2023.
The July data are another sign that conditions in the labor market continue to soften after a postpandemic period of unusual vigor.
Source: barrons.com
