U.S. Hiring Slowed Sharply Over the Summer
U.S. job growth slowed in July, a signal that pockets of weakness that had been marring the labor market are starting to take hold.
The U.S. added a seasonally adjusted 73,000 jobs in July, the Labor Department reported Friday, below the gain of 100,000 jobs economists polled by The Wall Street Journal had expected to see.
Revisions cut down the jobs growth originally reported for May and June by a combined 258,000. That left May as having added just 19,000 jobs and June just 14,000.
The unemployment rate rose slightly to 4.2% from 4.1%. The number of people unemployed for 27 weeks or longer increased to 1.83 million from 1.65 million in June. That increase in the ranks of the long-term unemployed could be a reflection of an environment where layoffs have been low, but companies have been reluctant to hire, making it harder for people without work to find employment.
The impact of the 15%-20% tech layoffs has not been taken into effect yet, because these layoffs usually come with 3-6 months pay package.
The U.S. added a seasonally adjusted 73,000 jobs in July, the Labor Department reported Friday, below the gain of 100,000 jobs economists polled by The Wall Street Journal had expected to see.
Revisions cut down the jobs growth originally reported for May and June by a combined 258,000. That left May as having added just 19,000 jobs and June just 14,000.
The unemployment rate rose slightly to 4.2% from 4.1%. The number of people unemployed for 27 weeks or longer increased to 1.83 million from 1.65 million in June. That increase in the ranks of the long-term unemployed could be a reflection of an environment where layoffs have been low, but companies have been reluctant to hire, making it harder for people without work to find employment.
The impact of the 15%-20% tech layoffs has not been taken into effect yet, because these layoffs usually come with 3-6 months pay package.
