The U.S. economy created 187,000 new jobs in July while the unemployment rate fell to 3.5%. Economists had expected job gains to total 200,000 with the unemployment remaining unchanged at 3.6%. New jobs report shows U.S. economy created 187,000 new jobs:
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on July 26, 2023. July's jobs data also showed the length of the average workweek fell slightly last month, dropping to 34.3 hours from 34.4 hours in June. Labor force participation stood at 62.6% for the fifth straight month.
Several industries also reported declines in employment last month, including manufacturing, motor vehicles, nondurable goods, transportation & warehousing, and temporary help services. Government jobs increased by 15,000 last month.
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