Labor Department reports economy gained 164,000 jobs in July

Labor Department.
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The Labor Department reported Friday that U.S. employers added 164,000 non-farm jobs in July, just below the 171,000 jobs forecast by economists surveyed by MarketWatch, and in line with the expectations of those polled by Reuters. The gains marked a slowdown from June's surge, although that month's growth was revised down from 224,000 jobs to 193,000 jobs. The strong but lower gains were not expected to affect the rising likelihood that the Federal Reserve will cut interest rates again in September to boost the economy, as President Trump's escalating trade war with China threatens to slow economic growth. The yearly pace of hourly wage gains edged up to 3.2 percent from 3.1 percent. The unemployment rate remained unchanged at 3.7 percent, near a 50-year low.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.