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US job growth misses expectations, unemployment rises

US job growth has slowed more than expected in July, while the unemployment rate increased to 4.3 per cent, which could heighten fears that the labour market is deteriorating and potentially making the economy vulnerable to a recession.

Non-farm payrolls increased by 114,000 jobs last month after rising by a downwardly revised 179,000 in June, the Labor Department’s Bureau of Labor Statistics said in its closely watched employment report on Friday.

Economists polled by Reuters had forecast payrolls advancing by 175,000 jobs after a previously reported 206,000 gain in June.

Estimates ranged from 70,000 to 225,000.

Hurricane Beryl, which knocked out power in Texas and slammed parts of Louisiana during the payrolls survey week, likely contributed to the below-expectations payrolls gain.

The labour market is slowing, driven by low hiring rather than lay-offs, as the Federal Reserve’s interest rate hikes in 2022 and 2023 dampen demand.

Government data this week showed hires dropped to a four-year low in June.

Average hourly earnings rose 0.2 per cent last month after climbing 0.3 per cent in June.

In the 12 months through July, wages increased 3.6 per cent – the smallest year-on-year gain since May 2021 and followed a 3.8 per cent advance in June.

Although wage growth ******** above the 3.0 per cent-3.5 per cent range seen as consistent with the Fed’s 2.0 per cent inflation target, it extended the run of inflation-friendly data.

The employment report sealed the case for a September rate cut from the US central bank.

The rise in the unemployment rate from 4.1 per cent in June marked the fourth straight monthly increase, which could escalate fears over the durability of the economic expansion.



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#job #growth #misses #expectations #unemployment #rises

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