US job growth slows unexpectedly in July
Slowdown is likely due to companies' struggles to find qualified workers; unemployment rate declines
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US JOB growth slowed more than expected in July likely due to companies' struggles to find qualified workers and the unemployment rate declined, pointing to tightening labour market conditions.
Nonfarm payrolls increased by 157,000 jobs last month, the Labor Department said on Friday. The economy created 59,000 more jobs in May and June than previously reported. The economy needs to create about 120,000 jobs per month to keep up with growth in the working-age population.
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