Job growth in the United States slowed more than expected in July, while data from the previous month was significantly revised downward — indicating a sharp cooling in the labor market.
اضافة اعلان
According to the U.S. Bureau of Labor Statistics' employment report released Friday, nonfarm payrolls increased by only 73,000 jobs in July, following a revised gain of just 14,000 jobs in June.
The slowdown in hiring comes amid uncertainty over the final levels of tariffs imposed by President Donald Trump, CNN reported.
Additionally, the White House’s crackdown on immigration has reduced the available labor supply, compounded by an accelerating retirement rate among the baby boomer generation.
Due to the decline in immigration flows, economists estimate that the U.S. economy now needs to add around 100,000 jobs per month just to keep pace with the working-age population growth.
The unemployment rate fell to 4.1% in June, in part due to workers exiting the labor force, contributing to the apparent decline in joblessness.
