Overview

• Employers added just 73,000 jobs in July, far below economists’ forecasts of about 104,000.
• The unemployment rate rose to 4.2% in July, up from 4.1% in June.
• Labor Department revisions cut May and June payrolls by a combined 258,000 jobs, revealing a softer market.
• Healthcare and social assistance sectors contributed 73% of July’s modest gains as manufacturing and information sectors shed positions.
• Average hourly earnings rose 0.3% from June to July while the quit rate fell below pre-pandemic levels as interest rate, tariff and immigration pressures persist.