(AURN News) — U.S. job growth slowed in July as the unemployment rate ticked up, signaling a gradual cooling in the labor market amid the Federal Reserve’s efforts to tame inflation. The Labor Department reported Friday that employers added 114,000 jobs last month, below the average monthly gain of 215,000 over the prior year. The unemployment rate rose to 4.3% (7.2 million people). It is much higher than the 4.1% seen in June, 4.0% in May, and 3.5% in June 2023.
Job gains were concentrated in health care, construction, and transportation and warehousing. The information sector lost 20,000 jobs. Average hourly earnings rose 0.2% to $35.07 from June and are up 3.6% from a year ago. The labor force participation rate held steady at 62.7%. The employment-population ratio edged down to 60.0%, reflecting a slight decline in the share of the population that is employed.
“Since Vice President Harris and I took office, our economy has created nearly 16 million jobs, average unemployment has been lower than during any administration in 50 years, and incomes have risen faster than prices,” President Joe Biden said in a statement.
However, the President acknowledged ongoing challenges, saying, “Prices are still too high. We will keep fighting to lower costs by taking on price gouging, capping prescription drug costs, and building more homes.”
Biden touted his economic agenda, saying, “Business investment remains strong thanks in part to our investing in America agenda, which is creating good-paying jobs in communities that have been left behind.”
Click play to listen to the AURN News report from Jamie Jackson:
The post Unemployment Rate Rises: U.S. Job Growth Slows appeared first on American Urban Radio Networks.
