Nonfarm payrolls expanded by 187,000 for July, slightly below the Dow Jones estimate for 200,000. Average hourly earnings rose 0.4% for the month, good for a 4.4% annual pace, both above expectations.
The unemployment rate for Blacks moved lower to 5.8% while the rate for adult women nudged higher to 2.7%. The rate for Asians tumbled to 2.3%, a 0.9 percentage point drop and just off its lowest ever in data going back to January 2000.
era, added just 17,000 jobs, consistent with a slowing trend after averaging gains of 67,000 a month in the first three months of 2023. This is a "really, really solid labor market," said Jonathan Stokoe, senior vice president at job placement firm Adecco. Going forward, companies likely will focus on "retention of quality employees, upscaling and reskilling," he added.
"Overall, this is still not the picture of the labor market we would expect to see if the economy were in danger of decelerating dramatically in the short term, although without question there are signs of moderation," said Rick Rieder, chief investment officer of global fixed income at asset management giant BlackRock.have warned that the full effect of the rate increases has not been felt yet. Economists worry that the Fed could overtighten and send the economy into recession.
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