U.S. Job Market Report for July 2024

SOURCE www.cnbc.com
Job growth in the U.S. slowed in July, with nonfarm payrolls increasing by just 114,000, below expectations. Unemployment rate rose to 4.3%, and average hourly earnings were below forecasts. This has led to concerns of an economic slowdown.

Key Points

  • Nonfarm payrolls grew by 114,000 in July, below expectations
  • Unemployment rate rose to 4.3%
  • Average hourly earnings increased by 0.2% for the month

Pros

  • Healthcare sector led in job creation adding 55,000 jobs
  • Some sectors like construction, government, and transportation saw job gains

Cons

  • Nonfarm payrolls grew by only 114,000, lower than expected
  • Unemployment rate increased to 4.3%