Job growth in July was reported to be less than expected, indicating slower growth in the US economy, the Labor Department said on Friday.
Nonfarm payrolls grew by 187,000 for the month, slightly below the Dow Jones estimate of 200,000. Although the headline figure was lower, it actually represented a modest increase from the revised 185,000 for June.
The unemployment rate was 3.5%, compared to the consensus estimate that the unemployment level would remain stable at 3.6%. This rate is slightly above the lowest level since late 1969.
Average hourly earnings, a key figure in the Federal Reserve's efforts to fight inflation, rose 0.4% for the month, good for an annual rate of 4.4%. These two figures are higher than the estimates of 0.3% and 4.2% respectively.
Another key figure, the labor force participation rate held steady at 62.6%, the fifth consecutive month at that level. The more inclusive unemployment rate, which includes disengaged workers and those holding part-time jobs for economic reasons, fell to 6.7%, down 0.2 percentage points from June.
The US dollar index fell by 0.32% to trade at 102.28 after the NFP data was released.
