US labor market data for July, released today, was disappointing as unemployment rose, job creation declined and wages grew at a slower rate.
Unemployment rose this time from 4.1 to 4.3 percent (the highest level since October 2021), when this indicator was forecast to remain unchanged. The labor market participation rate increased from 62.6 to 62.7 percent, and it was expected to remain unchanged.
The so-called unemployment rate, which includes those workers who work part-time but would like to work full-time and those unemployed who would like to work but have given up hope of finding a job and are not actively looking for one, in America in July compared to in the previous one, rose from 7.4 to 7.8 percent.
114 thousand new jobs in non-agricultural sectors were created this time, or at least in the last three months. It is expected that this indicator will make an average of 176 thousand. June data were adjusted from 206 to 179 thousand.
Average hourly wages rose 0.2 percent in July, compared to expectations for a 0.3 percent rise in June. Annual growth slowed from 3.8 to 3.6 percent (the lowest since May 2021), and was forecast to average 3.7 percent.
In the private sector, jobs increased by 97 thousand in July (148 thousand were expected), and in the public sector by seventeen thousand. A month before, these indicators reached 136 and 43 thousand.
American factories hired just 1,000 new workers last month, a decline of 1,000 after a 9,000 drop in June, according to forecasts.
In July, employment continued to increase in the health care sector (by 55 thousand), construction (by 25 thousand), transportation and storage (by 14 thousand) and social assistance (by 9 thousand).
Meanwhile, 20,000 jobs were lost in information, while employment was little changed in mining, quarrying, oil and gas, wholesale and retail trade, financial activities, professional and business services, leisure and hospitality, and other services.
Over the past twelve months, America has created an average of 215,000 jobs each month.
