U.S. economy adds 164,000 jobs in July
Total nonfarm payroll employment rose by 164,000 in July, according to the U.S. Bureau of Labor Statistics. The unemployment rate was unchanged at 3.7 percent.
“The July jobs report was on par with expectations, adding 164,000 jobs, including 148,000 in the private sector, to hit a new record total for the U.S. labor force,” says Matt Dolly, research director at Transwestern. “It should also be noted that the May and June jobs reports were revised, resulting in a reduction of 41,000 jobs from the previously reported numbers for those months. The average monthly gain for 2019 is at its lowest level since 2010. However, despite the increase in the labor participation rate, the availability of labor remains constrained due to the growth that has taken place during this 10-year economic expansion, the longest on record. Also, the slow and steady growth bodes well to avoid overheating and gives reasons for the Fed to lower rates further this year.”
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