The unemployment rate, however, fell to 3.5 percent.

In the preliminary report for June, the Labor Department had said that the economy added 209,000 jobs and the unemployment rate was 3.6 percent. The June jobs number was revised down to 185,000 on Friday.

Average hourly wages roe 0.4 percent for the month, slightly more than expected. Compared with a year ago, average hourly wages are up 4.4 percent.

Somewhat offsetting this, however, the average hours worked fell to 34.3 hours. This is the lowest since 2020. Hours worked is often considered a leading indicator of demand for labor, with declining hours indicating a softening of the labor market.

The labor force participation rate was unchanged at 62.6 percent…Read More!

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