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U.S. added just 73,000 jobs in July as the unemployment rate rose to 4.2%. The labor market is eroding.
The economy created a stingy 73,000 new jobs in July and the unemployment rate rose to 4.2%, solidifying the chances of the Federal Reserve cutting interest rates in the near future. Employment gains in June and May were also slashed,
US Adds Just 73,000 Jobs as Unemployment Rate Rises
Nonfarm payrolls rose by 73,000, less than almost all economists had forecast, while the unemployment rate ticked up to 4.2%, matching the median projection. Average hourly earnings were up 0.3%, leaving them 3.9% higher over 12 months – outpacing inflation.
2don MSN
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