The growth of jobs in the US slowed down in July, with nonfarm payments rising by 73,000 and the unemployment rate increased to 4.2%.
Employment in the Federal Government continued in July and decreased by 84,000 since its peak in January.
In July, the number of new participants, unemployed individuals looking for their first jobs increased by 275,000 to 985,000. The total number of unemployed people amounted to 7.2 million.
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The number of long -term unemployed people, those without employment for 27 weeks or more weeks, increased by 179,000 to 1.8 million. They represent 24.9 % of all unemployed people.
The growth of jobs slowed down in uncertainty about the level of US President Donald Trump’s tariffs. On Thursday, Trump ordered steep tariffs on dozens of business partners before the deadline of business agreement on Friday, including 25% duty in India.
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In addition, the immigration of the White House, along with an increase in retirement, reduced the job offer, Reuters reported.
With a fewer immigration, the economy must now generate about 100,000 jobs or less every month to match the growth of the population at a productive age;
The unemployment rate dropped to 4.1%in June, partly because some individuals left the workforce. Although July has increased, unemployment rate remained within a narrow range of 4.0% -4.2% that persisted since May 2024.
The stock market reacts
Wall Street shares fell on Friday soon after weak data on US jobs increased concerns about the economy because the markets are preparing for harder tariffs for US business partners, AFP said.
The main indices of US stocks dropped by 1.5% or more in early trading, with the Dow Jones industrial average decreased by 1.5% to 43,477.54.
The S&P 500 dropped by 1.7% to 6 231.49, while the NASDAQ technologically severe composite index dropped by 2.3% to 20 644.16.
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Meanwhile, the US Ministry’s revenues have fallen sharply because the markets expect a weaker view of growth in the US and expect a reduction in interest rates of the federal reserve system.
As far as companies are concerned, Amazon has fallen by 7%, although it published a 35% increase in profits, as concerns about the impact of severe investment in artificial intelligence after the company’s forecast have emerged.
(With the entry from agencies)
(Tagstotranslate) US growth of work
