The labor market is showing big cracks that were invisible just weeks ago
Summary
The recent jobs data shows a much slower job growth than previously thought, with large revisions to earlier estimates. The economy only added an average of 35,000 jobs per month from May to July. The unemployment rate increased slightly to 4.2%, while hiring has almost stopped.Key Facts
- The Labor Department provides three estimates of monthly job gains.
- Initial job growth figures for May and June were significantly revised downwards.
- From May to July, the U.S. economy added an average of 35,000 jobs per month.
- July's job number was softer than analysts expected, with only 73,000 jobs added.
- Revised data shows only 19,000 jobs were added in May and 14,000 in June.
- The unemployment rate increased to 4.2% from 4.1%.
- Changes in immigration policies may have affected employment numbers.
- The labor force participation rate in July was 62.2%, lower than the previous year.
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