Employers across the U.S. added 73,000 jobs in July, a slowdown from previous months and a sign the labor market is downshifting.
The numbers
Hiring was weaker than expected by economists, who had forecast payroll gains of 115,000 jobs last month, according to a poll by FactSet.
The unemployment rate rose to 4.2%, up from 4.1% in June.
The Labor Department also sharply revised job growth for May and June by a combined 258,000, a sign that hiring earlier this year was weaker than previously estimated.
What it means
Some market analysts said the subpar job growth in July suggests that stepped-up U.S. tariffs on the country’s economic partners is weighing on the labor market.
“Today’s Jobs report is unambiguously soft and a reflection of the trade and tariff impact on economic growth,” said Art Hogan, chief market strategist at B. Riley Wealth. “Both the actual report and the big negative revisions are more evidence that the trade policy will slow growth.”
Ger Doyle, a regional president at ManpowerGroup, said that hiring is softening as economic pressures mount.
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
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