Job Growth Slows in July with Only 114,000 Jobs Added. Unemployment Rate Rises to Over 4%, Highest Since October 2021
US job growth slowed significantly in July, with only 114,000 jobs added compared to forecasts of 185,000. The unemployment rate rose slightly to over 4%, the highest since October 2021. Average hourly earnings in July grew less than expected, both monthly and annually. Health care added the most jobs, followed by construction, the government sector, and leisure and hospitality. The information sector lost 20,000 jobs. The data has fueled concerns about a broader economic slowdown and could encourage more aggressive Fed rate cuts.
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00:00It's Benzinga, and here's what's on the block.
00:02U.S. job growth slowed significantly in July with only 114,000 jobs added compared to the forecast
00:08of 185,000. The unemployment rate rose slightly to over 4 percent, the highest since October 2021.
00:16Average hourly earnings in July grew less than expected both monthly and annually.
00:20Health care added the most jobs, followed by construction, the government sector,
00:24and leisure and hospitality. The information sector lost 20,000 jobs.
00:28The data has fueled concerns about a broader economic slowdown and could
00:32encourage more aggressive Fed rate cuts. For all things money, visit Benzinga.com.