US non-farm payroll employment grew only 114k in July, well below expectation of 176k. That’s all well below average monthly gain of 215k over the prior 12 months.
Unemployment rate jumped from 4.1% to 4.3%, above expectation of 4.1%. Participation rate ticked up by 0.1% to 62.7%.
Average hourly earnings rose 0.2% mom, below expectation of 0.3% mom. Annual wages growth slowed from 3.8% yoy to 3.6% yoy, below expectation of 3.7% yoy.
