US Economy Added 187,000 Jobs in July
Summary from AllSides News Team
The U.S. economy added 187,000 jobs in July, and the unemployment rate dropped to 3.5%, the U.S. Bureau of Labor Statistics reported Friday.
The Details: Economists were expecting a net gain of 200,000 jobs. June’s job growth was revised from 209,000 jobs down to 185,000. The unemployment rate fell from 3.6% to 3.5% in July and remains near a 50-year low. Average hourly earnings rose 4.4% annually. The labor force participation rate remained at 62.6% for the fifth straight month, while the participation rate for the 25-to-64 age group fell to 83.4%. Job additions were seen in sectors including health care (63,000 jobs added), social services (24,000), financial activities (19,000) and hospitality (17,000).
How the Media Covered It: Sources from left to right framed the job growth positively despite it falling short of expectations. CNN Business (Lean Left bias) declared that the U.S. economy "has returned to pre-pandemic form." Fox Business (Lean Right) said the report is "a sign the Fed's rate hikes are working."
Featured Coverage of this Story
From the Left
The US job market continues its cooldown, adding just 187,000 positions last month
The US job market has returned to pre-pandemic form.
Employers added just 187,000 jobs in July, slightly above the monthly average seen in the decade before the pandemic, according to new data released Friday by the Bureau of Labor Statistics.
Economists were expecting a net gain of 200,000 jobs last month. June’s job growth was revised down to 185,000 jobs from 209,000.
July’s headline number and the downward revisions to the monthly job total for May and June (down 25,000 jobs and 24,000 jobs, respectively), are further indications that the...
From the Center
The U.S. economy added 187,000 jobs in July, fewer than expected
Job growth in July was less than expected, pointing to slower growth in the U.S. economy, the Labor Department reported Friday.
Nonfarm payrolls expanded by 187,000 for the month, slightly below the Dow Jones estimate for 200,000. Though the headline number was a miss, it actually represented a modest gain from the downwardly revised 185,000 for June.
The unemployment rate was 3.5%, against a consensus estimate that the jobless level would hold steady at 3.6%.The rate is just above the lowest level since late 1969.
Average hourly earnings, a key...
From the Right
Economy adds 187,000 jobs in July, a sign the Fed's rate hikes are working
U.S. employers added 187,000 jobs during the month of July, less than the 200,000 economists were expecting and below the 209,000 created in June.
The unemployment rate dipped to 3.5%, and average hourly earnings rose 4.4% annually.
Sectors adding jobs included health care (63,000), social services (24,000), financial activities (19,000) and hospitality (17,000). Jobs cuts were seen in manufacturing and employment services at 2,000 and 8,000, respectively.
Last month, the unanimous decision by the Federal Reserve to raise interest rates put the key benchmark federal funds rate at a range of 5.25% to...
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