A construction worker lays down shingles on the roof of a new house in Brandon, Miss., on June 19. Rogelio V. Solis/AP hide caption
The economy is slowing down but it keeps creating jobs at a healthy pace. Employers added 164,000 jobs last month, as the unemployment rate held steady at 3.7%, the Labor Department said Friday.
Analysts had expected about 165,000 jobs to be added in July and the unemployment rate to be 3.6%.
In June, employers added a revised 193,000 jobs and the unemployment rate was 3.7%.
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Wages have been growing slowly, which has kept a lid on inflation. Average hourly earnings rose to $27.98 last month — up 3.2% from a year ago — a slight acceleration from the previous month.
This week, the Federal Reserve announced its first interest-rate cut since 2008. Policymakers at the central bank said the job market remains strong, but that they're worried about the U.S. and global economies slowing down and the uncertainty caused by the U.S.-China trade war.
The U.S. economy grew at a 2.1% rate in the second quarter, slowing from the 3.1% pace of the first three months of 2019 — and the 3% target set by President Trump.
https://www.npr.org/2019/08/02/747370063/with-jobs-numbers-like-these-its-hard-to-see-why-the-economy-is-slowing
2019-08-02 12:34:00Z
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