While the jobless rate unexpectedly increased to its highest point in over three years, U.S. job creation abruptly stopped in July.
According to Labor Department data released on Friday, employers added 114,000 jobs in July, falling short of the 175,000 gain forecast by LSEG economists. In addition, the jobless rate unexpectedly increased to 4.3% from 4.1%, despite predictions that it would remain stable.
“It marked the highest level for the jobless rate since October 2021,” Fox Business reported.
“Temperatures might be hot around the country, but there’s no summer heatwave for the job market,” said ManpowerGroup North America president Becky Frankiewicz. “With across-the-board cooling, we have lost most of the gains we saw from the first quarter of the year.”
Another new survey is good news for former President Donald Trump after President Joe Biden dropped his re-election bid and endorsed Vice President Kamala Harris.
According to the CNN survey, 49 percent of respondents supported Trump, while 46 percent backed Harris. SSRS conducted the poll.
The poll was conducted among registered voters who had previously participated in CNN surveys in April and June, where Trump was leading Biden by 6 points.
