The economy suffered an unexpected setback in July, after employers added just 114,000 jobs in July – 35% fewer than forecasters had expected
WASHINGTON — The U.S. economy suffered an unexpected setback in July, as hiring fell sharply and the unemployment rate rose for the fourth straight month as sustained higher interest rates take a toll on businesses and consumers.
The unemployment rate’s jump to 4.3% in July crossed a tripwire that historically has signaled that the United States is in recession — though economists say the gauge probably is not reliable in the topsy-turvy post-pandemic economy. In another sign that the labor market is cooling, average hourly wages rose just 3.6% from July 2023, smallest year-over-year gain since May 2021 and a development likely to ease inflationary pressure in the economy.
Still, Sahm, now chief economist at the investment firm New Century Advisors, said before Friday’s report that this time “a recession is not imminent’’ even if the Sahm Rule were triggered. That is partly because America’s jobs numbers have been unsettled by an unexpectedacross the economy — but not all of them have found jobs right away, pushing up the jobless rate.
“I don’t want to be really specific about what we’re going to do but that’s not something we’re thinking about right now,” Powell said.
Washington Federal Reserve Labor Department Central Bank Ziprecruiter Pollak
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. job growth misses expectations in July as unemployment rate rises to 4.3 per centNonfarm 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
Read more »
US job growth misses expectations in July; unemployment rate rises to 4.3%The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Canadian unemployment rate rose to 6.4% in June as jobs market stallsOTTAWA — The Canadian economy lost 1,400 jobs in June as the unemployment rate climbed to its highest level in more than two years, Statistics Canada said Friday.
Read more »
Canadian unemployment rate rose to 6.4% in June as jobs market stallsThe Canadian economy lost 1,400 jobs in June as the unemployment rate climbed to its highest level in more than two years, Statistics Canada said Friday.
Read more »
Canadian unemployment rate rose to 6.4% in June as jobs market stallsOTTAWA — The Canadian economy lost 1,400 jobs in June as the unemployment rate climbed to its highest level in more than two years, Statistics Canada said Friday.
Read more »
Canada's job market stalls in June, as unemployment rate climbs to 6.4%The Canadian labour market stalled last month, shedding 1,400 jobs.
Read more »