US Unemployment Rate Dips to 3.5% in July

The US labour market remained robust in July, adding another 187,000 jobs and sending the unemployment rate from 3.6% to 3.5%.

Nonfarm payrolls rose 187,000 last month, just shy of expectations calling for a print of 200,000. The BLS also downwardly revised June’s report from to 209k to 185k, and May’s from 306k to 281k, keeping in line with all the other payroll readings since the start of 2023 that, too, have been revised lower.

The unemployment rate, meanwhile, remained relatively unchanged at 3.5%, as 5.8 million Americans remained unemployed. Interestingly, though, there were another 5.2 million people that the BLS didn’t count because they weren’t actively seeking work or were unable to take a job in the four weeks leading up to the survey.

The June report was much the same, with the BLS report exposing that about 5.4 million Americans weren’t included in the survey; however, that figure went ignored by US president Joe Biden, who patted himself on the back over ‘Bidenomics’ that are supposedly bringing the American dream back to life.

The BLS also reported that average hourly wages rose another 0.4 percentage points to 4.4% year-over-year in July, above the 4.2% forecast by economists. However, the increase can be blamed on a decline in hours worked, which fell to 34.3 hours— the lowest since Spring 2020.

Information for this story was found via the BLS. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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