Job Market: Rise in US unemployment rate
The US job growth slowed a bit in July and the unemployment rate unexpectedly rose.
WASHINGTON:
The US job growth slowed a bit in July and the unemployment rate unexpectedly rose, pointing to slack in the labour market that could give the Federal Reserve room to keep interest rates low for a while. Nonfarm payrolls increased 209,000 last month after surging by 298,000 in June, the Labour Department said on Friday. Economists had expected a 233,000 job gain. Although job growth was below expectations, July marked the sixth straight month employment expanded by more than 200,000, a signal of strength last seen in 1997. In addition, data for May and June was revised to show 15,000 more jobs created than previously reported. The one tenth of a percentage point increase in the unemployment rate to 6.2% came as more people entered the labour market, an indication of confidence in job prospects.
Published in The Express Tribune, August 3rd, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ