July jobs report: Unemployment rate jumps to 4.3%, job gains total just 114,000 as labor slowdown deepens

The US economy added fewer jobs than expected in July while the unemployment rate unexpectedly rose to its highest level in nearly three years, the latest sign of a broader summer slowdown in the US labor market.

Data from the Bureau of Labor Statistics released Friday showed the labor market added 114,000 nonfarm payroll jobs in July, fewer additions than the 175,000 expected by economists.

Meanwhile, the unemployment rose 4.3%, up from 4.1% June. The unemployment rate is now at its highest level since October 2021. July’s job additions came in lower than the 179,000 jobs added in June.

Notably, the BLS said Hurricane Beryl had “no discernible effect” on the employment data for July.

 

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