Employers in the US added 187,000 jobs in July, which continues to represent a steady pace of growth. Scott Olson/Getty Images Hide caption
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Scott Olson/Getty Images
Employers in the US added 187,000 jobs in July, which continues to represent a steady pace of growth.
Scott Olson/Getty Images
New hires held steady last month as US employers added 187,000 jobs, a solid – if not spectacular – pace of growth.
The data was broadly in line with analysts’ expectations, with the unemployment rate slipping slightly to 3.5% in July.
This suggests that the economy remains more resilient than many expected and that the job market continues to grow despite the Federal Reserve’s aggressive rate hikes.
Healthcare and hospitality were among the industries that saw job creation, while manufacturing and transportation saw jobs shed.
Hiring has slowed since the start of the year, but employers are still adding more than enough jobs each month to keep unemployment near a 50-year low.
Average wages rose 4.4% yoy in July – similar to the previous month.
Wage growth has outpaced inflation in recent months, keeping workers’ paychecks skyrocketing.
Another piece of good news is that workers continue to break away from the sidelines, with the workforce increasing by 152,000 people over the last month.
Job gains for May and June have been revised down a total of 49,000 jobs.
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