Washington, DC, United States (4E) – Hiring activity in the U.S. fell in July but stayed solid with gains in broad-based payrolls, a sign of continued strengthening in the job market as well as the broader economy.
Nonfarm employment jumped 209,000 in July on a seasonally adjusted basis, according to the Labor Department report released Friday.
In a separate survey, the unemployment rate rose to 6.2 percent in July from 6.1 percent in June on seasonally adjusted terms. The unemployment rate has dropped 1.1 percentage points since July last year, when it stood at 7.3 percent.
Economists polled by The Wall Street Journal had forecast payrolls to increase by 230,000 and the unemployment rate to stay unchanged at 6.1 percent.
The labor-force participation rate rose slightly to 62.9 percent in July from 62.8 percent in the prior month, but continued to stay at its lowest levels since the late 1970s.
Payrolls climbed by 298,000 in June, which was upwardly revised from a previous reading of 288,000. The figure in May was revised up to 229,000 from a previous estimate of 224,000. Over the last three months, payroll gains averaged at 245,000, compared with an average of 209,000 in the 12-month period ended in June.