Nonfarm Payrolls Fall Short, Rise 114K Below Expectations

IconCryptoNewsTerminal Staff02 Aug, 2024

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Nonfarm Payrolls Fall Short, Rise 114K Below Expectations

The U.S. Department of Labor reported that nonfarm payrolls increased by 114,000 in July. This was below market expectations of 176,000. The unemployment rate was 4.3%, which was above the market expectations of 4.1%. Economists had predicted a stronger increase in payrolls, especially in the service sector. The slowdown in hiring could be a sign that the economy is losing momentum. The report also showed that average hourly earnings increased by 0.3% in July, which was in line with expectations. This brought the annual wage growth rate to 5.2%, up from 5.1% in June. The mixed data in the July jobs report makes it difficult to assess the strength of the U.S. economy. The increase in average hourly earnings is a positive sign, but the slowdown in hiring is a cause for concern.

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