The US economy added fewer-than-expected jobs in July, with the unemployment rate accelerating to the highest level in nearly three years. This signals the slowdown in the labor market of the world's largest economies, indicating that the monetary tightening cycle is set to end.
The US economy added 114,000 for the month, down from the downwardly revised 179,000 in June.
From a sector standpoint, health care again led in job creation, adding 55,000 to payrolls. Other notable gainers included construction (25,000), and transportation and warehousing (14,000).
|
Monthly US Job Data |
||||
|
Forecasts |
Previous |
Current |
Change |
|
|
Number of Jobs ('000) |
185 |
179 |
114 |
(65) |
|
Unemployment Rate (%) |
4.1 |
4.1 |
4.3 |
(0.2) |
|
Average Wage Per Hour ($) |
-- |
34.99 |
35.07 |
+0.08 |
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