US Job Growth Slows To A Crawl As Unemployment Rises
The U.S. added 114,000 nonfarm payroll jobs in July as the unemployment rate ticked up to 4.3%, according to Bureau of Labor Statistics (BLS) data released Friday. Economists anticipated that the country would add…
The U.S. added 114,000 nonfarm payroll jobs in July as the unemployment rate ticked upto 4.3%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists anticipated that the country would add 175,000 jobs in July compared to the 206,000 added in initial estimates for June, and that the unemployment rate would remain stable at 4.1%, according to U.S. News and World Report. Federal Reserve Chairman Jerome Powell noted in a press conference on Wednesday that a continued slowdown in the labor market could be a sign of further softening in the economy and contribute to a possible cut to the federal funds rate and an easing in harsh credit conditions that have weighed on Americans.
“The labor market is playing along with the Federal Reserve’s effort to slow inflation,” Nela Richardson, chief economist at human resources software company ADP, told U.S. News and World Report. “If inflation goes back up, it won’t be because of labor.”
Persistently high inflation