WASHINGTON, D.C. — The US jobs market cooled much more than expected in July with unemployment reaching its highest rate since 2021, government data showed on Friday, fueling calls for interest rate cuts as high levels bite.
The world's biggest economy added 114,000 jobs last month, down from June's revised 179,000 figure, said the Department of Labor.The jobless rate rose to 4.3 percent, the highest since October 2021, according to government data.'Today's report shows employment is growing more gradually at a time when inflation has declined significantly,' said President Joe Biden in a statement.
While analysts have raised concern of the US economy triggering an early recession indicator, Oxford Economics chief US economist Ryan Sweet cautioned that 'this cycle is unique.'In recent times, unemployment edged up as more people entered the labor force. This marks less of a risk that a vicious cycle of rising jobless rates leads to income loss and further employment cuts, he told Agence France-Presse .In July, average hourly earnings rose less than analysts expected by 0.
Unemployment Hits Highest Rate
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Miss Universe Philippines 2021 2nd runner-up Steffi Aberasturi announces pregnancyLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Daily Bible Reading - July 5, 2024SunStar Publishing Inc.
Read more »
AirAsia mobile app system upgrade slated for July 11Defining the News
Read more »
Toyota PH to kick off 2024 racing season on July 13Latest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
P9.8-B illegal drugs seized in Calabarzon from January to July 2CAMP VICENTE LIM, Laguna – The Police Regional Office 4-A confiscated illegal drugs worth P9.8 billion and arrested 6,269 suspected drug pushers in the Cavite, Laguna, Batangas, Rizal, and Quezon or the Calabarzon region from January 1 to July 2.
Read more »
LIST: Flights canceled on July 5he Manila International Airport Authority on Friday announced that some domestic flights have been canceled due to bad weather.
Read more »