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Ekonomické zprávy
02.08.2024

U.S. nonfarm payrolls rise less than expected in July, unemployment rate unexpectedly jumps

The U.S. Labor Department announced on Friday that nonfarm payrolls increased by 114,000 in July after a downwardly revised 179,000 increase (from 206,000) in June. The July reading was well below the average monthly gain of 215,000 over the prior 12 months and the weakest monthly gain in three weeks.

According to the report, the largest job advances occurred in job gains occurred in health care (+55,000), construction (+25,000), and transportation and warehousing (+14,000). Meanwhile, information lost jobs (-20,000). 

The unemployment rate jumped to 4.3 per cent from an unrevised 4.1 per cent in the prior month. This was the highest rate since October 2021 (4.5 per cent).

Economists had predicted the nonfarm payrolls to increase by 175,000 and the jobless rate to remain unchanged at 4.1 per cent.

The labour force participation rate edged up to 62.7 per cent in July from an unrevised 62.6 per cent in the previous month, while hourly earnings for private-sector workers grew by 0.2 per cent m-o-m (or $0.08) to $35.07, following an unrevised 0.3 per cent m-o-m climb in June. This represented the weakest monthly rise in three months. Economists had foreseen the average hourly earnings to jump by 0.3 per cent m-o-m in July. Over the year, the average hourly earnings soared 3.6 per cent in July, following a downwardly revised 3.8 per cent surge (from +3.9 per cent) in the previous month. This marked the weakest annual increase since May 2021 (+2.3 per cent). Economists had anticipated the annual wage to rise by 3.7 per cent in July.

The average workweek slipped 0.1 hour to 34.2 hours last month, below economists' expectations of 34.3 hours.

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