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- U.S. nonfarm payrolls increase as expected in July
U.S. nonfarm payrolls increase as expected in July
The U.S. Labor
Department announced on Friday that nonfarm payrolls increased by 164,000 in July
after a downwardly revised 193,000 gain in the prior month (originally an
increase of 224,000).
According to
the report, notable job gains occurred in professional and technical services
(+31,000 jobs in July), health care (+30,000), social assistance (+20,000), and
financial activities (+18,000).
At the same
time, the unemployment rate remained unchanged at 3.7 percent in July.
Economists had
forecast 164,000 new jobs and the jobless rate to stay at 3.7 percent.
The labor force
participation rate edged up to 63.0 percent from 62.9 percent in June, while
hourly earnings for private-sector workers rose 0.3 percent m-o-m (8 cents) to
$27.99, following a revised 0.3 percent m-o-m gain in June (originally a 0.2
percent m-o-m increase). Economists had forecast a 0.2 percent m-o-m advance in
the average hourly earnings. Over the year, average hourly earnings have
increased by 3.2 percent, following a 3.1 percent rise in June.
The average
workweek decreased by 0.1 hour to 34.3 hours in July, slightly below economists’
forecast of 34.4 hours.
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