The U.S. economy added 157,000 jobs in July, roughly 30,000 short of expectations, according to Friday’s jobs numbers from the Bureau of Labor Statistics.
Economists expected a stronger jump in employment, predicting upwards of 193,000 new jobs in July.
The unemployment rate fell marginally from June, edging down to 3.9 percent — a fall of 0.1 percent from the previous month. The number of unemployed Americans fell 284,00 in June to 6.3 million in July. (RELATED: Unemployment Claims Skyrocket By 20K To 243,000)
Americans found new work in professional and business services. Other sectors, like manufacturing, health care and social assistance, saw gains.
The U.S. economy has added jobs for the past 94 months. Job gains have averaged 224,000 a month for the past three jobs reports. (RELATED: US Jobless Rates Hit 49-Year Low)
The labor market is expected to grow throughout 2018, with potential gains rolling into 2019. Continuous job growth is a sign of a tightening labor market, describes a situation where unemployment is falling and fewer jobs are available.
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