Pace of job growth slows in July

The pace of job creation in the U.S. slowed in July.

The economy added 187,000 jobs in July, according to data released Friday by the Bureau of Labor Statistics. The jobs added were down from the 209,000 created in June. It was also far below the average for the past year of 312,000 jobs per month.

Unemployment dipped slightly for a second straight month, going from 3.6 percent to 3.5 percent.

“The number of unemployed persons at 5.8 million, changed little in July,” said the BLS report. “The unemployment rate has ranged from 3.4 percent to 3.7 percent since March 2022.”

The labor participation rate was at 62.6 percent for a fifth consecutive month.

The healthcare industry accounted for roughly one-third of the jobs created in July, adding 63,000 roles.

Social assistance added 24,000 jobs. Construction employment grew by 19,000. Leisure and hospitality jobs increased by 17,000.

The average hourly earnings for all employees grew by 14 cents, 0.4 percent, to $33.74.

“Over the past 12 months, average hourly earnings have increased by 4.4 percent,” the BLS reported.

The average workweek decreased by 0.1 hour to 34.3 hours.

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