{"id":1990690,"date":"2023-08-04T09:35:02","date_gmt":"2023-08-04T13:35:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/employment-growth-slowing-with-187000-jobs-added-in-july\/"},"modified":"2023-08-04T09:37:42","modified_gmt":"2023-08-04T13:37:42","slug":"employment-growth-slowing-with-187000-jobs-added-in-july","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/employment-growth-slowing-with-187000-jobs-added-in-july\/","title":{"rendered":"Job growth in July saw a slowdown, with only 187,000 new jobs added."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Femployment-growth-slowing-with-187000-jobs-added-in-july%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1990690&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Economy \u200cAdds 187,000 Jobs in\u200d July, Reflecting\u2062 a Slowdown in the Labor Market<\/h2>\n<p>The Bureau of Labor\u200d Statistics\u200b reported on Friday that\u2062 the economy added\u200b 187,000 jobs in July. However, this \u200bnumber indicates a \u2062slowdown \u200din\u200c the labor market as\u2063 the Federal Reserve tightens its monetary policy to combat inflation.<\/p>\n<p>The previous two <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/employment-growth-slowing-with-187000-jobs-added-in-july\/\" title=\"Job growth in July saw a slowdown, with only 187,000 new jobs added.\">months&#8217; payroll job additions<\/a>,\u2062 adjusted for \u200bseasonal variation, were \u200balso revised down by 49,000,\u2064 suggesting a decline\u200d in the pace of job growth.<\/p>\n<h3>What You Need to Know About Fitch Downgrading \u200bUS Debt<\/h3>\n<p>This slowdown could complicate the White House&#8217;s efforts to credit President Joe Biden for the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unstable-employment-high-inflation-jim-jordan-blasts-fed-chair-powell-in-hearing-on-covid-recovery\/\" title=\"\u2018Unstable Employment,\u2019 \u2018High Inflation\u2019: Jim Jordan Blasts Fed Chair Powell In Hearing On COVID Recovery\">strong job creation<\/a>\u2063 seen \u2064over the past year. It also indicates \u200dthat the Fed&#8217;s rate hikes are starting to have a greater \u2064impact on the broader \u2062economy, potentially solidifying expectations that the\u200b Fed will not \u2064raise\u200c rates further.<\/p>\n<p>Nevertheless, Friday&#8217;s report paints a picture of a still\u2064 strong labor market. \u200cThe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-an-absurd-argument-economists-take-apart-one-of-bidens-favorite-talking-points\/\" title=\"\u2018It\u2019s An Absurd Argument\u2019: Economists Take Apart One Of Biden\u2019s Favorite Talking Points\">unemployment rate decreased<\/a> by a tenth of \u200da\u200c percentage point to \u20633.5%, historically \u200da very\u2064 low\u2064 figure. \u2064Additionally, job growth remains robust, \u200dindicating \u200dunderlying momentum in the economy.<\/p>\n<p>Wage gains also show no\u200c signs of slowing\u200d down, contrary to the Fed&#8217;s hopes of seeing\u2064 a decrease as a sign of abating inflation\u200b pressures. Average hourly earnings for workers in the private sector\u2063 increased by 4.4% \u200din \u200bthe year ending in July, consistent with the trend observed \u2064throughout \u200bthe year.<\/p>\n<p>&#8220;The\u2062 latest \u200cdata are signaling a very gradual moderation \u200bin tight conditions,&#8221; noted Rubeela \u200cFarooqi, the chief U.S. economist for High Frequency Economics. &#8220;Fed officials will want\u200c to see\u200b further evidence of \u2064easing in job growth, wages, \u200dand\u2063 inflation to\u200d more sustainable levels, which will be an \u200cimportant\u200b consideration in policy decisions going forward.&#8221;<\/p>\n<p>The\u200c Fed has\u200c undertaken a historic \u200deffort to tighten monetary policy \u2064in response\u200b to the inflation that has affected households in recent years. Annual inflation, as measured by the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-every-senator-thinks-minimum-wage-should-be-increased\/\" title=\"Manchin: Every Senator Thinks Minimum Wage Should Be Increased\">consumer price index<\/a>, has fallen from over 9% in June last year to just\u200d over 3% this June.<\/p>\n<p>GDP growth for the second quarter has also surpassed\u200d consensus expectations, with an \u2064annual rate of 2.4%. This demonstrates that \u200bthe economy is performing well despite the \u2063Fed raising interest rates to the highest level in \u200dover two \u2063decades.<\/p>\n<p>The most noticeable effects \u2064of the Fed&#8217;s rate hikes have been observed in the housing \u2063market.\u2064 The average rate on a 30-year\u200c fixed-rate mortgage has surged from \u200daround 3% at the \u2063beginning of the rate-hiking campaign to nearly 7% this month, according to Freddie \u2064Mac.<\/p>\n<p>These \u2064higher rates have made\u200d home-buying unaffordable for many families, resulting in\u200b a significant decline in home sales.<\/p>\n<p>However,\u200d the construction industry has\u200d remained strong. Friday&#8217;s report\u200d revealed the addition of 19,000\u200c jobs in the sector, consistent with the healthy gains seen over \u200bthe \u200cpast year.<\/p>\n<p>One reason\u2063 for the strong construction numbers is \u2063the rise in interest rates, which has reduced \u2064the supply of existing homes for sale. Many homeowners are \u200creluctant to sell because they have low rates on their\u200c mortgages and would have to obtain new loans at much higher rates if they were to sell and \u200bbuy a home elsewhere. This \u200dlack of supply has\u200d put pressure on builders to bring new\u200b homes to\u200b the market, thereby boosting employment.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click\u200d here<\/a> to \u200bread more from The Washington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bureau of Labor Statistics reported a gain of 187,000 jobs in July, indicating a labor market slowdown due to the Federal Reserve&#8217;s efforts to curb inflation. Additionally, the revised data showed a decrease in the number of payroll jobs added in the past two months, accounting for seasonal changes.<\/p>\n","protected":false},"author":1,"featured_media":1990691,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1990690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1990690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1990690"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1990690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1990691"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1990690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1990690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1990690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}