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U.S. economy adds 164,000 jobs in July; 3.7% unemployment

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Posted at 6:49 AM, Aug 02, 2019
and last updated 2019-08-02 08:49:50-04

WASHINGTON (AP) — U.S. employers slowed their hiring in July, adding a still-healthy 164,000 jobs to an economy that appears poised to extend its decade-plus expansion.

The Labor Department says the unemployment rate stayed at 3.7% for a second straight month. Average hourly earnings increased 3.2% from a year ago, up from annual gains of 3% in June.

The pace of hiring has slowed this year as a growing share of Americans already have jobs. The three-month average for job gains was 140,000, down from 237,000 a year ago.

The U.S. economy has faced some tumult as President Donald Trump has escalated his trade conflict with China, yet the Federal Reserve voted Wednesday to cut a short-term interest rate to sustain the longest period of growth in U.S. history.

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