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2025-08-01 20:41:36
[U.S. job growth slowed sharply in July and the unemployment rate rose to 4.2%] U.S. job growth slowed more than expected in July, while the data for the previous month was significantly revised down, indicating a significant cooling of the labor market. The non-farm payroll report released by the U.S. Bureau of Labor Statistics on Friday showed that non-farm payrolls increased by 73,000 in July, and the June data was significantly revised down from an initial value of 147,000 to 14,000. Economists surveyed by Reuters had previously predicted that employment would increase by 110,000 in July. The unemployment rate rose to 4.2% from 4.1% in June, with forecasts ranging from zero growth to 176,000. The Federal Reserve kept its benchmark interest rate in the range of 4.25%-4.50% on Wednesday. Fed Chairman Powell's remarks after the resolution weakened market expectations that the bank would resume policy easing in September - an expectation that had been widely shared by financial markets and some economists. Although Powell described the labor market as a "state of equilibrium" under a simultaneous decline in supply and demand, he acknowledged that this dynamic "suggests downside risks."
