WASHINGTON—The latest jobs report – with 164,000 jobs gained in July – reveals the labor market is "growing, but slowly" – tracking with the overall economy, according to NAFCU Chief Economist and Vice President of Research Curt Long.
"This was a fairly bland report," Long said. "Job gains came in around expectations, albeit with downward revisions to prior months. Wage growth crept up slightly but remains muted. Overall, the labor market has cooled since the high-flying days of 2014 through 2016, but it is still strong enough to absorb new entrants and pull a few in from off the sideline."
The unemployment rate remained at 3.7% in July, while the labor force participation rate increased 0.1%age point from the previous month to 63%.
In other report data, private-sector payroll employment increased 148,000 jobs during April. The goods-producing sector increased 15,000 jobs, while the service sector increased 133,000 jobs. Public sector employment rose 16,000 from the prior month, Long said.
Average hourly earnings increased six cents to $27.90. Over the last 12 months, wages are up 3.1%.