The U.S. labor market lost momentum in July, adding just 73,000 jobs and missing expectations by a wide margin — www.naijnaira.com reports.
The Bureau of Labor Statistics revised down job gains from May and June by a combined 258,000, deepening concerns over weakening economic activity.
Coin Edition reported that unemployment rose slightly to 4.2%, aligning with forecasts but suggesting fragility in labor conditions.
Private payrolls contributed 83,000 new positions, while government jobs shrank by 10,000.
Healthcare and social assistance remained the strongest area, bringing in 73,300 jobs.
Retail recovered with 15,700 additions, while leisure and hospitality made modest progress.
However, job losses in manufacturing, especially 2,400 from the auto sector, and nearly 20,000 roles from administrative services, pointed to stress in core industries.
Wage growth came in at 0.3% for the month and 3.9% over the year, with average workweek hours nudging up to 34.3.
Bitcoin dipped below $114,000 following the report, failing to reclaim its 50-period EMA and reflecting caution despite a dovish Fed outlook.
“There are clear signs of a slowdown, especially post-April tariffs,” noted economists analyzing the data.
Markets quickly adjusted, with Treasury yields falling and Fed rate cut odds for September jumping to 67%, up from 38% a day earlier.
Article updated 4 weeks ago. Content is written and modified by multiple authors.
