The report released by the US Bureau of Labor Statistics just moments ago showed that the US economy added only 73,000 jobs in July, compared to 147,000 in June, which was revised downward to just 14,000, falling short of market expectations of 106,000 jobs.
Conversely, the unemployment rate rose 0.01% in July to 4.2%, compared to 4.1% in June, matching expectations, while the labor force participation rate fell to 62.2% from 62.3% in June.
Hourly wages rose 0.3% in July, compared to 0.2% in June, matching expectations, while the annual rate rose to 3.9%, compared to 3.7% in June, while expectations were for a 3.8% increase. In sector details, the goods production sector lost approximately 13,000 jobs, the manufacturing sector lost 11,000 jobs, the construction sector added 2,000 jobs, the transportation and warehousing sector added 3,600,000 jobs, while the healthcare sector added 79,000 jobs, which exceeds the average monthly increase over the past twelve months. The leisure and hospitality sector added 5,000 jobs, and the social services sector added 18,000 jobs.