The economy added jobs at a solid pace in July, reinforcing hopes about the economy

The US economy gained 187,000 jobs in July, reinforcing optimism about economic stability.

The big picture: Employers consistently added jobs in July, with health care and hospitality seeing increases, while factories and transportation faced cuts.
* The unemployment rate decreased slightly to 3.5%, remaining near a 50-year low.
* The Federal Reserve’s aggressive rate hikes have not significantly disrupted the labor market.
* However, the pace of hiring has slowed since the beginning of the year.

Surprises in wage growth: Average wages in July rose by 4.4% compared to a year ago, outpacing inflation and increasing workers’ real income.
* This wage growth remained consistent with the previous month’s figures.

Revisions and Labor force changes: The total job gains for May and June were revised down by 49,000.
* The labor force expansion saw a positive uptick, with 152,000 additional people entering the workforce in July.

View original article on NPR

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