#BinanceHODLerBANANA #US_Job_Market_Slowdown

US unemployment rate hits 4.3% in July as job growth slows considerably

The increase in the unemployment rate from 4.1 per cent in June marked the fourth straight monthly increase, the U.S. Labor Department reported on Friday. It has risen from a five-decade low of 3.4 per cent in April 2023. The labor market is slowing, driven by weak hiring, rather than layoffs, as the Federal Reserve's interest rate hikes in 2022 and 2023 weigh on demand.

"The latest snapshot of the labor market is consistent with a slowdown, not necessarily a recession," said Jeffrey Roach, chief economist at LPL Financial. "However, early warning signs suggest further weakness. If the labor market weakens further, markets will likely price in three cuts this year." Nonfarm payrolls increased by 114,000 jobs last month after rising by a downwardly revised 179,000 in June, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls would advance by 175,000 jobs after a previously reported gain of 206,000 in June.