Economy added back 1.763 million payrolls in July, unemployment rate fell to 10.2%

U.S. employers regained fewer jobs in July after a record gain in June, as a resurgence of coronavirus cases in some states earlier this summer weighed on the labor market recovery. However, the number of jobs added topped estimates, and the unemployment rate fell more than expected.

The Department of Labor’s July jobs report was released at 8:30 a.m. ET Friday. Here were the main metrics in the report, compared to consensus estimates compiled by Bloomberg:

Change in non-farm payrolls: +1.783 million vs. +1.48 million expected and +4.791 million in June

Unemployment rate: 10.2% vs. 10.6% expected and 11.1% in June

Average hourly earnings, month over month: +0.2% vs. -0.5% expected and -1.3% in June

Average hourly earnings, year over year: +4.8% vs. +4.2% expected and +4.9% in June

The change in total non-farm payrolls for June was revised down slightly by 9,000 to 4.791 million, while May’s payrolls were revised up by 26,000 to 2.725 million.

Contracts on the three major US stock indices pared overnight losses after the better-than-expected July print was released.