US nonfarm payrolls data released

In the US , non-farm payrolls increased by 73,000 in July, below expectations, while the unemployment rate rose from 4.1 percent to 4.2 percent. The US Department of Labor released its employment report for July. Accordingly, employment in non-farm sectors in the country increased by 73,000 in July. Non-farm payrolls, which fell short of market expectations, were projected to increase by 106,000. During this period, employment continued to increase in healthcare and social assistance, while declines continued in the federal government. Non-farm payroll data for May and June were revised downward. The increase in non-farm payrolls was reduced from 144,000 to 19,000 for May and from 147,000 to 14,000 for June.

INCREASE IN UNEMPLOYMENT RATE The unemployment rate in the US increased by 0.1 percentage points to 4.2 percent in July. The unemployment rate followed a trend in line with market expectations during this period. The number of unemployed in the country increased by 221,000 last month, reaching 7,236,000. The labor force participation rate decreased from 62.3 percent to 62.2 percent. Average weekly working hours increased from 34.2 to 34.3 in July. Average hourly earnings, which the US Federal Reserve closely watches, increased by 0.3 percent monthly and 3.9 percent annually, to $36.44 during this period. Market expectations were for average hourly earnings to increase by 0.3 percent monthly and 3.8 percent annually in July. Average hourly earnings had increased by 0.2 percent monthly and 3.8 percent annually in June.