Nonfarm payrolls increased by 114,000 jobs last month after rising by a downwardly revised 179,000 in June, the Labor Department’s Bureau of Labor Statistics said in its closely watched employment report on Friday
U.S. job growth slowed more than expected in July, while the unemployment rate increased to 4.3%, which could heighten fears that the labour market is deteriorating and potentially making the economy vulnerable to a recession.
Economists polled by Reuters had forecast payrolls advancing by 175,000 jobs after a previously reported 206,000 gain in June. Estimates ranged from 70,000 to 225,000. The labour market is slowing, driven by low hiring, rather than layoffs, as the Federal Reserve’s interest rate hikes in 2022 and 2023 dampen demand. Government data this week showed hires dropped to a four-year low in June.
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