Economics
U.S. Payrolls Rise 157,000 While Wage Gains Hold at 2.7%
- Upward revisions make May, June job growth look even stronger
- Unemployment rate slips back below 4%, in line with forecasts
This article is for subscribers only.
U.S. hiring cooled in July after more-robust gains than previously reported, while the unemployment rate slipped back below 4 percent and wage increases remained subdued, reinforcing a picture of steady labor-market growth in line with the Federal Reserve’s outlook for gradual interest-rate hikes.
Non-farm payrolls advanced 157,000 after an upwardly revised 248,000 increase, Labor Department figures showed Friday. The median estimate of analysts surveyed by Bloomberg was for a gain of 193,000 jobs. Average hourly earnings increased 2.7 percent from a year earlier, unchanged from June and matching projections, while the jobless rate ticked down to 3.9 percent as forecast.