US Unemployment Rate Climbs to HIGHEST Since October 2021

You think this is bad? With a commie-la presidency, you ain’t seen nothing yet.

And the stock market is dropping like a stone. Market sell off.

JOBS REPORT: “MUCH WEAKER THAN EXPECTED.”

Unemployment shot up to 4.3% — the highest since October 2021. pic.twitter.com/fPaTfIhE2Y

— RNC Research (@RNCResearch) August 2, 2024

https:/twitter.com/Geiger_Capital/status/1819365018103623979

US Unemployment Rate Climbs to Highest Since October 2021

The economy created fewer jobs than expected.

By Andrew Moran, The Epoch Times,

The U.S. economy created fewer jobs than expected while the unemployment rate increased, signaling that the labor market could be going through a rapid deceleration at a time when the Federal Reserve could soon be cutting interest rates.
According to the Bureau of Labor Statistics (BLS), there were 114,000 new jobs in July, down from 179,000 in June. This fell short of the consensus estimate of 175,000.

The unemployment rate rose to 4.3 percent, up from 4.1 percent, and higher than economists’ expectations of 4.1 percent. This represents the highest jobless rate since October 2021.
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Average hourly earnings eased to a smaller-than-expected pace of 3.6 percent year-over-year. On a monthly basis, average hourly earnings edged up 0.2 percent.

The labor force participation rate inched higher to 62.7 percent, from 62.6 percent. Average weekly hours slipped to 34.2, from 34.3.

Health care accounted for much of the jobs, with 55,000 new positions added last month. This was followed by construction (25,000) and government (17,000).

The information sector shed 20,000 jobs while manufacturing payrolls were little changed.

The May and June job numbers were revised down by 2,000 and 27,000, respectively.

Additionally, the household portion of the monthly jobs report, which removes duplication, showed the economy created 67,000 new jobs.

The number of people working two or more jobs surged to 8.473 million, up from 8.34 million. Full-time workers advanced by 448,000, while part-time workers declined by 325,000.

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The divergence between U.S.-born and foreign-born workers widened compared to a year ago. U.S.-born workers tumbled by more than 1.2 million from July 2023. By comparison, foreign-born workers increased by roughly 1.3 million.

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