Economy

187,000 jobs added, fewer than expected

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Job growth in July was less than expected, pointing to a slower pace in the U.S. economy though perhaps not a long-anticipated recession, 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 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…



Source cnbc.com

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