U.S. economy adds 114,000 jobs in July, unemployment rate spikes
Posted on AllSides August 2nd, 2024
From The Left
Jordan Vonderhaar/Bloomberg via Getty Images
The U.S. economy added 114,000 jobs in July, while the unemployment rate rose to 4.3%, the Labor Department said on Friday.
Why it matters: The jobless rate kept moving higher in July, adding to fears that the labor market—the bedrock of the economy—is slowing down and the economy is at risk of a recession.
The unemployment rate, which was 4.1% in June, is the highest since 2021.
Between the lines: Hiring slowed in July from the prior month's downwardly revised 179,000 job gains.
The Labor Department said the economy added 29,000 fewer jobs than initially...
