• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick The U.S. economy added 187,000 jobs in July, fewer than expected
Editor's Pick

The U.S. economy added 187,000 jobs in July, fewer than expected

by August 9, 2023
by August 9, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Job growth in July was less than expected, pointing to slower growth in the U.S. economy, 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 in 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 pace. Both numbers were higher than the respective estimates for 0.3% and 4.2%.

Another important figure, the labor force participation rate held at 62.6%, the fifth straight month at that level. A more encompassing unemployment rate that includes discouraged workers and those holding part-time jobs for economic reasons fell to 6.7%, down 0.2 percentage point from June. The survey of households, which is used to calculate the unemployment rate, showed a more robust gain of 268,000.

Health care led job creation by industry, adding 63,000 jobs for the month. Other sectors contributing included social assistance (24,000), financial activities (19,000) and wholesale trade (18,000). The other services category contributed 20,000 to the total, which included 11,000 from personal and laundry services.

Leisure and hospitality, which has been a leading sector for most of the recovery in the Covid pandemic era, added just 17,000 jobs, consistent with a slowing trend after averaging gains of 67,000 a month in the first three months of 2023.

Previous months’ totals were revised lower — the June count dropped to 185,000, a downward revision of 24,000, while May was cut to 281,000, down 25,000 from the previous estimate.

Jeff Cox, CNBC

Jeff Cox is a finance editor with CNBC.com where he covers all aspects of the markets and monitors coverage of the financial markets and Wall Street. His stories are routinely among the most-read items on the site each day as he interviews some of the smartest and most well-respected analysts and advisors in the financial world.

Over the course of a journalism career that began in 1987, Cox has covered everything from the collapse of the financial system to presidential politics to local government battles in his native Pennsylvania. 

This post appeared first on NBC NEWS
You Might Also Like
  • Target launches paid membership program as it chases new revenue streams
  • Four minors found working at Alabama poultry plant run by same firm found responsible for Mississippi teen’s death
  • Alaska Airlines CEO: We found ‘many’ loose bolts on our Max 9 planes following near-disaster
  • Universal’s ‘Wicked: For Good’ creates a unique marketing challenge
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Trump charges latest federal indictment is ‘bulls—‘ during stop in crucial GOP presidential primary state
next post
YouTuber Mr Beast sued by Mr Beast Burger food delivery service partner

You may also like

From Diamond Head to Lake Tahoe, popular outdoor vacation spots...

April 1, 2023

Clorox warns cyberattack and product shortages will drag sales downward

October 11, 2023

GM to end production of electric Chevy Bolt, its first...

May 3, 2023

Lego is reinventing its iconic brick sets and keeping the...

December 24, 2024

U.S. bans imports of certain Apple Watches that may infringe...

December 28, 2023

July 4 travel hitting a record thanks to lower gas...

July 4, 2024

Goodbye to ‘bags fly free’ on Southwest Airlines, the last...

March 17, 2025

Walmart rolls out new training programs for skilled trades as...

June 6, 2024

How Trump could spare Biden’s renewable energy credits and still...

December 20, 2024

Grubhub lays off 15% of corporate workforce, or about 400...

June 14, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025
    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025
    • Analyzing SIL, USO, and NVDA: Could These Bullish Patterns Trigger?

      May 29, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,764 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,470 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,450 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,430 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,307 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,105)
    • Investing (538)
    • Stock (2,578)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’...

      May 30, 2025
    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp...

      May 29, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,105)
    • Investing (538)
    • Stock (2,578)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Starbucks shakes up its leadership again,...

    January 29, 2025

    He plays rich on screen but...

    July 12, 2024

    The uncommon lending practices behind Silicon...

    March 19, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here