Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

The U.S. economy added 187,000 jobs in July, fewer than expected

by August 8, 2023
August 8, 2023
The U.S. economy added 187,000 jobs in July, fewer than expected

Job growth in July was less than expected, pointing to slower growth in the U.S. economy, the Labor Department reported Friday.

Nonfarm payrolls expanded by 187,000 for the month, slightly below the Dow Jones estimate for 200,000. Though the headline number was a miss, it actually represented a modest gain from the downwardly revised 185,000 in for June.

The unemployment rate was 3.5%, against a consensus estimate that the jobless level would hold steady at 3.6%. The rate is just above the lowest level since late 1969.

Average hourly earnings, a key figure as the Federal Reserve fights inflation, rose 0.4% for the month, good for a 4.4% annual pace. Both numbers were higher than the respective estimates for 0.3% and 4.2%.

Another important figure, the labor force participation rate held at 62.6%, the fifth straight month at that level. A more encompassing unemployment rate that includes discouraged workers and those holding part-time jobs for economic reasons fell to 6.7%, down 0.2 percentage point from June. The survey of households, which is used to calculate the unemployment rate, showed a more robust gain of 268,000.

Health care led job creation by industry, adding 63,000 jobs for the month. Other sectors contributing included social assistance (24,000), financial activities (19,000) and wholesale trade (18,000). The other services category contributed 20,000 to the total, which included 11,000 from personal and laundry services.

Leisure and hospitality, which has been a leading sector for most of the recovery in the Covid pandemic era, added just 17,000 jobs, consistent with a slowing trend after averaging gains of 67,000 a month in the first three months of 2023.

Previous months’ totals were revised lower — the June count dropped to 185,000, a downward revision of 24,000, while May was cut to 281,000, down 25,000 from the previous estimate.

Jeff Cox, CNBC

Jeff Cox is a finance editor with CNBC.com where he covers all aspects of the markets and monitors coverage of the financial markets and Wall Street. His stories are routinely among the most-read items on the site each day as he interviews some of the smartest and most well-respected analysts and advisors in the financial world.

Over the course of a journalism career that began in 1987, Cox has covered everything from the collapse of the financial system to presidential politics to local government battles in his native Pennsylvania. 

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Two years after Olympic defection, Belarusian sprinter cleared to race for Poland
next post
YouTuber Mr Beast sued by Mr Beast Burger food delivery service partner

Related Posts

Trump Media jumps more than 9% after CEO...

April 25, 2024

McDonald’s rising prices pushing some diners away

May 1, 2024

As their customers age, department stores chase younger...

May 21, 2024

‘Absurd’: NTSB chair blasts Boeing for failing to...

March 8, 2024

A short government shutdown wouldn’t crash the economy,...

October 3, 2023

Tariffs or not, a Chinese baby products company...

May 21, 2025

Temple University reviewing reports of potential match-fixing of...

March 9, 2024

The new class war: A wealth gap between...

April 30, 2024

Biden administration unveils proposed changes to big banks’...

January 18, 2024

Why everyone is suddenly talking about Nvidia, the...

May 30, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Cloud Security Companies (Updated 2023)

      October 26, 2023
    • 2

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 5

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025

    Categories

    • Business (1,041)
    • Investing (2,061)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,365)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved