Market Overview

US Added 164K Jobs In July, Unemployment Rate Remains Steady

US Added 164K Jobs In July, Unemployment Rate Remains Steady

The U.S. unemployment rate continued to hover near its 50-year low in July, unchanged from June and on target with expectations, the Labor Department said Friday.

What To Know

The unemployment rate remained 3.7% as the economy added 164,000 jobs, just short of analysts’ projected 165,000. The growth gave the country its 106th straight month of job gains.

Notable job gains came in professional and technical services, health care, social assistance, and financial activities, the department said.

Even as more jobs were added, wages edged up as well by 0.3%, now 3.2% higher than the same month a year ago.

Why It's Important

The jobs report comes at the end of week in which the Federal Reserve made its first interest rate cut in more than a decade, hoping to stave off any slowing of the economy. Fed officials said that while job growth remains strong, they have concerns about economic slowdown elsewhere in the world and uncertainty stemming from the U.S.-China trade war.

It also followed a report from payroll processor ADP that tracks private sector employment and said this week private employers created 156,000 jobs in July, more than expected.

What's Next

CareerBuilder CEO Irina Novoselsky said the still strong economy is clearly good for what few job seekers remain out there, and for those looking to change jobs.

"The market is ripe with opportunities for U.S. job seekers across industries," Novoselsky said. "In a survey we recently conducted at CareerBuilder, we found 32% of U.S. employees plan to change jobs this year."

Unemployment rates were lower in June than a year earlier in 294 of the 389 metropolitan areas, higher in 67 areas, and unchanged in 28 areas, the Bureau of Labor Statistics said.

The percentage of Americans in the labor force or looking for work rose to 63%.

Related Links:

ADP Employment Data For July Comes In Better Than Expected

Federal Reserve Issues First Rate Cut In 11 Years

Posted-In: Economic Data UnemploymentNews Econ #s Top Stories Best of Benzinga


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