National Jobs Report
The unemployment rate remained stagnant at 3.7 percent, with an added 164,000 jobs in July, just 1,000 below the Dow Jones prediction.
Friday’s report also included revisions to previous data, adjusting May and June’s reports down by 41,000 jobs. June’s change dropped to 193,000 jobs, and May’s reading of 72,000 jobs was cut even further to 62,000. Following revisions, job gains averaged at 140,000 per month over the past three months.
With recent jobs reports coming in near economists’ expectations, analysts believe the data will bring little change regarding the Federal Reserve cutting interest rates. “Overall, this report won’t be enough to move the needle much in either direction as far as a September rate cut is concerned, but it reinforces our sense that another move next month isn’t yet as sure a thing as the markets are now pricing in,” Andrew Hunter, senior U.S. economist at Capital Economics.
As for the labor force participation rate, it unexpectedly ticked up to 63 percent, the highest level since March; showing that more workers are either employed or actively looking for work. Average hourly wages also rose 0.3 percent month-over-month, pushing the year-over-year wage growth to 3.6 percent.
Although the pace of hiring has slowed down, it seems as if employers are continuing to pull in workers from the sidelines.
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