Washington, DC August 5, 2023– The US economy added 187,000 jobs in July, according to a report released by the Labor Department on Friday. The unemployment rate remained unchanged at 3.5%, a near 50-year low.
The report was published on Friday, August 5, 2023.
Economists had expected 200,000 jobs to be added in July. The job gains were slightly below expectations, but the unemployment rate continued to fall, indicating that the labor market remains strong, according to various reports.
The report also showed that wages continued to grow at a healthy pace, up 5.3% year-over-year.
“The job market remains strong, but there are some signs that hiring is slowing,” said Michael Feroli, chief economist at JPMorgan Chase.
“The unemployment rate is now at a near 50-year low, which is a great sign for the economy,” said Lydia Boussour, an economist at Bloomberg Economics.
The jobs report is the latest sign that the US economy is on solid footing. However, the strong job market could add to inflationary pressures, which could lead the Federal Reserve to raise interest rates more aggressively in the coming months, according to some economists.
