July Jobs Report Is Packed With Bad News

Staff attend East Bay's HIREvent in Emeryville, Calif., on July 17 Photograph by Justin Sullivan/Getty Images

Just when it looked like the U.S. was picking up steam heading into the second half of the year, the economy goes and lays an egg of a jobs report. The U.S. added just 162,000 jobs in July, the Bureau of Labor Statistics reported today. That’s not terrible, but it’s less than the 185,000 consensus forecast of 70 economists polled by Bloomberg, and far below the most optimistic forecasts of a 225,000 number. The unemployment rate ticked down to 7.4 percent, from 7.6 percent—but the decline is mostly due to fewer people in the workforce.

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