Today’s Lead Story
Friday, August 7Economy
July Jobs Report Shocks Markets: Only 22,000 Jobs Added, Unemployment Rises to 4.3%
via Bureau of Labor Statistics
July's employment situation report showed U.S. employers added just 22,000 jobs, well short of the roughly 80,000 analysts had projected, while the unemployment rate ticked up to 4.3% from 4.2% in June. Leisure and hospitality was the only major sector to broadly add positions, while professional services, construction, and retail all recorded net job losses.
Why it matters
A sharp slowdown in hiring reduces workers' bargaining power for raises, putting household budgets under added pressure at a time when personal savings are already near a four-year low.
