U.S. job growth in July was slower than expected, and the unemployment rate unexpectedly increased to 6.2 percent.
According to Reuters, 209,000 jobs were added to the market last month, followed by 298,000 in June. Even though July growth was slower than expected, it was still the sixth-straight month of more than 200,000 jobs being created after 1997.
Unemployment rate increased from 6.1 percent in June to 6.2 percent last month, which indicates more people are entering the job market. This shows the public’s confidence in the workforce.
The report suggested the Federal Reserve Room should keep its interest rate, close to zero since December 2008, for a little longer.
In their initial estimate, economists expected to see 233,000 jobs added in July and the unemployment rate staying at 6.1 percent.
The numbers did not stop economists’ expectation of a strong economic growth in the third quarter with a 4-percent, second-quarter growth announced Wednesday, July 30.
Photo Credit: AP
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