July Employment Report Shows Slower Growth

The United States experienced a slower pace of job growth in July, with nonfarm employment increasing by only 73,000, a figure that fell short of analysts' expectations, according to the latest report from the Bureau of Labor Statistics.

Unemployment and Wages

The unemployment rate saw a slight increase to 4.2% from June's 4.1%, with the number of unemployed individuals holding steady at 7.2 million. On a brighter note, average hourly earnings rose by 12 cents to $36.44, marking a 3.9% increase from the previous year.

Sector Highlights

Health care led the way in job creation, adding 55,000 positions, while social assistance employment also grew by 18,000. Conversely, federal government employment continued its decline, losing 12,000 jobs.

Revisions to Previous Months

The report also highlighted significant revisions to May and June's employment figures, with May's total nonfarm payroll employment adjusted by 125,000 and June's by 133,000.