In July 2024, U.S. job growth decelerated more than anticipated, and the unemployment rate increased slightly, according to a report from the Labor Department on Friday.
Non-farm payrolls expanded by only 114,000 for the month, a decrease from June’s downwardly revised figure of 179,000 and falling short of the Dow Jones prediction of 185,000. The unemployment rate rose to 4.3%, marking the highest level since October 2021.
Average hourly earnings, an indicator of inflation, rose by 0.2% for the month and were up 3.6% from 2023, both measures not meeting the increases of 0.3% and 3.7% expected.
Following the release of the report, stock market futures extended their losses, and Treasury yields saw a significant drop.