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  • US Adds 114,000 Jobs in July, Unemployment Rate Climbs to 4.3%

US Adds 114,000 Jobs in July, Unemployment Rate Climbs to 4.3%

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Bloomberg Aug 2 10:18 · 43.7k Views

U.S. July payrolls fell below expectations at 114,000 while the unemployment rate unexpectedly increased for a fourth month to 4.3%. Michael McKee breaks down the numbers on Bloomberg Television.

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Transcript

  • 00:00 Well, here is a downside surprise.
  • 00:01 It's going to catch the market's attention.
  • 00:03 114,000 jobs created last month
  • 00:07 according to the BLS.
  • 00:08 That is significantly lower than the numbers John was just giving you for
  • 00:12 what was anticipated.
  • 00:13 The unemployment rate 4.3%.
  • 00:16 We hit the sum rule with 4.3%.
  • 00:19 So that's going to really move some markets.
  • 00:22 Let me just give you a quick
  • 00:23 other numbers and John will catch you up.
  • 00:25 Average hourly earnings 2/10 of a percent lower than the 3/10 anticipated.
  • 00:29 That might be we're going to have to check that might be related to the hurricane.
  • 00:33 Same thing with hours worked
  • 00:36 34.2 down from 34.3.
  • 00:39 The
  • 00:40 two-month net revision to payrolls is only 29,000 but 29,000 lower
  • 00:46 and much of that seems to have been in June because that's revised down to 179 from 2O6.
  • 00:52 Manufacturing payrolls up 1000.
  • 00:56 That is a surprise.
  • 00:57 All the
  • 00:58 pre indicators including
  • 01:00 suggesting that that was going to be bad news.
  • 01:03 And I know Mohammed, looking at the labor force participation rate 62.7,
  • 01:08 that's up from 62 six before.