US non-farm payroll employment rose 187k in July, below expectation of 200k. That’s also notably lower than the average monthly gain of 312k over the prior 12 months.
Unemployment rate ticked down from 3.6% to 3.5%, below expectation of 3.6%. Unemployment rate has been ranging between 3.4% and 3.7% since March 2022. Labor force participation rate was unchanged at 62.6% for the fifth consecutive month.
Average hourly earnings rose 0.4% mom, above expectation of 0.3% mom. Over the past 12 months, average hourly earnings has increased by 4.4% yoy. Average workweek fell slightly by -0.1 hour to 34.3 hours.
