The U.S. added just 73,000 jobs in July, reflecting continued cuts in the federal government and uncertainty over trade policy, while the unemployment rate went up a tad to 4.2%.
There was job growth in health care and social assistance, while other categories remained flat.
The latest figures signaled caution among employers, grappling with the uncertainty of tariffs and tougher immigration policies.
Jobs in motion pictures and sound recordings rose by about 2,500, to 415,300 in July, while broadcasting and content providers saw a slight gain of 300 jobs, to 334,600.
Moreover, the Bureau of Labor Statistics revised downward figures from previous months, now showing that growth in May was just 19,000, while June hiring was just 14,000. All told, the bureau reduced their previous estimates for those months by 258,000.
The BLS typically revises figures from previous months, a reminder that the initial data is an estimate that does not capture the complete picture of the labor market. Still, the BLS noted that its revisions were larger than normal.
Average hourly earnings rose by 12 cents, or 0.3 percent, to $36.44. Over the past 12 months, average hourly earnings increased by 3.9%.
As Democrats like Sen. Chris Murphy (D-CT) and California Governor Gavin Newsom hammered Trump over the latest figures, the president appeared to respond by directing blame at Jerome Powell, the Federal Reserve chairman, for not lowering interest rates. With continued concerns over inflation, the Fed kept rates unchanged this week.
Trump wrote on Truth Social, “Too Little, Too Late. Jerome ‘Too Late’ Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!”
More to come.
