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2025-08-01 15:25:22
US non-farm payroll growth may slow to 110,000 in July. (1) The market expects US non-farm payrolls to increase by 110,000 in July (from 147,000 in the previous month), the smallest increase in five months. The unemployment rate may rise slightly to 4.2% (from 4.1% in the previous month), and the month-on-month growth rate of hourly wages is expected to accelerate to 0.3% (from 0.2% in the previous month). (2) Due to uncertainty surrounding tariffs, trade, and immigration policies, employers are becoming more cautious in hiring, but monthly job growth of 100,000-170,000 is still sufficient to keep pace with the growth of the working-age population.
