U.S. Job Growth Cools In July

U.S. job growth cooled in July as the nation’s unemployment rate remained at 3.7% and only 164,000 workers were added to payrolls, well below last month’s totals and the monthly average for the year, the U.S. Labor Department reported Friday.

The U.S. Bureau of Labor Statistics also revised the previously reported job growth totals in May and June to only 62,000 and 193,000, respectively. That downward revision from job additions of 72,000 and 224,000 in those months means there were 41,000 fewer jobs added to the economy than previously reported, officials said.

There were similar downward revisions in March and April as 75,000 jobs were reduced from previous U.S. payroll totals, pushing down average monthly growth to only 140,000 in the past three months. The slower job growth dovetails with similar data produced earlier in the week by the highly watched ADP National Employment Report, which showed private sector employment increased by 156,000 jobs from June to July.      MORE

Designed by Reinhold Technology Solutions