⁍ Nonfarm payrolls increased by 1.763 million jobs last month after a record 4.791 million in June.
⁍ The unemployment rate fell to 10.2% from 11.1% in June.
⁍ At least 31.3 million people were receiving unemployment checks in mid-July.
– The unemployment rate fell to 10.2% in July, but the economy added far fewer jobs than expected, according to today’s jobs report. The economy added 1.763 million jobs last month, well below analysts’ expectations of 1.6 million, reports Reuters. The unemployment rate fell from 11.1% in June, but it has been biased downward by people misclassifying themselves as being ’employed but absent from work.’ At least 31.3 million people were receiving unemployment checks in mid-July. “This morning’s payrolls report was a bit better than expected,” one analyst tells Reuters. “A little bit of a selloff in the long end of the US yield curve, though that is moderating now.”
Source: https://www.reuters.com/article/us-usa-economy-instant/july-us-employment-growth-slows-sharply-idUSKCN2531X0