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Modest Job Growth in July Signals Slower Economic Expansion: Labor Department Report

The Labor Department reported on Friday that job growth in July didn't meet expectations, suggesting a deceleration in U.S. economic growth. Nonfarm payrolls saw a slight increase, rising to 187,000, somewhat short of the Dow Jones' projection of 200,000. However, this figure marked a small improvement from the revised 185,000 in June.

Despite predictions that the unemployment rate would remain at 3.6%, it dipped to 3.5%, which is marginally higher than the lowest level since late 1969.

In a battle against inflation, the Federal Reserve noted a 0.4% increase in average hourly earnings for the month, which is an encouraging sign. This translates to a 4.4% annual rate, exceeding the estimates of 0.3% and 4.2% respectively.

The labor force participation rate maintained its status at 62.6% for the fifth consecutive month. Meanwhile, an alternative measure of unemployment — which includes discouraged workers and those in part-time employment for economic reasons — fell to 6.7%, a 0.2 percentage point decline from June.


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