The U.S. economy added 187,000 jobs in July, slightly less than expectations, while the unemployment rate dropped to 3.5%. The job gains are likely to give economists more hope that the the labor m…
slowed production, and the SAG-AFTRA walkout in July largely brought it to a standstill. There also was a slight drop in jobs in broadcasting and content providers, to 351,300, from 351,800 a month earlier. The figures are seasonally adjusted. Jobs in publishing also fell, to 931,200, from 934,900.
Mark Zandi, chief economist at Moody’s Analytics, wrote on Twitter/X, “The jobs report for July was down the middle of the fairway. Couldn’t have been much better. Job growth is strong, but moderating, consistent with the Federal Reserve’s efforts to quell inflation. Wage growth is still a bit hot for the Fed’s liking, but it continues to cool off.”
Average hourly earnings on private, nonfarm payrolls rose by 14 cents, or 0.4 percent, to $33.74. The average hourly earnings have rise by 4.4 percent over the past 12 months.
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