US job creation revised sharply lower
Newsflash: Employment growth across America has been much weaker than previously thought over the last three months – a sign that the US labor market may be cooling.
The latest non-farm payroll, just released, shows that US employment rose by just 73,000 in July, rather weaker than the 110,000 new jobs expected.
But the big shock comes in the latest revisions to payrolls, with previous estimates for both May and June being revised sharply lower.
The Bureau of Labor Statistics now estimates that just 19,000 new jobs were created in May, 125,000 fewer than the 144,000 previously estimated.
June’s data has been revised down too – showing that just 14,000 new jobs were created, not the 147,000 reported a month ago.
That means 258,000 fewer jobs were created in May and June than previously thought.
The US unemployment rate has risen to 4.2% from 4.1% in…
