Fewer jobs were added to the US economy in July than expected, with nonfarm payrolls increasing by 187,000.
A rise of 200,000 had been predicted by economists surveyed by Reuters following average monthly growth of 218,000 in the past three months. The economy needs to create around 100,000 jobs a month to match increases in the working-age population.
The US unemployment rate fell last month, however, dropping to 3.5% from 3.6%, putting it back at levels last seen more than half a century ago.
Wages also increased in July, with average hourly earnings climbing 0.4% – the same figure as in June. The year-on-year increase in earnings was 4.4% for July, meaning salaries are now rising faster than inflation.
WEFORUM