The U.S. economy added 164,000 jobs in July, while the unemployment rate remained at 3.7%, according to Department of Labor data released Friday.
164,000 jobs were added in June, according to the Bureau of Labor Statistics report, about 60,000 less jobs than were added in June. The Labor Department reports that these July numbers are “in line with average employment growth in the first 6 months of the year.” The labor force participation rate stayed the same at 63%.
Economists predicted the unemployment rate would drop slightly to 3.6%, according to The Wall Street Journal. (RELATED: Unemployment Claims Hit 50-Year Low)
June’s job report showed an increase in jobs added since May. The U.S. economy added 224,000 jobs in June, while the unemployment rate slightly increased to 3.7%. Economists had predicted 165,000 jobs would be added and that the unemployment rate would remain at 3.6%.
Job growth has come back strong after February, when just 33,000 jobs were added.
The unemployment rate has held steady between 4% and 3.7% for more than a year before the April jobs report showed it drop to 3.6%. Prior to April’s report, the consistent unemployment rate suggested that workers are jumping back into the workforce to fill open jobs, rather than the workers who are currently collecting unemployment welfare, according to WSJ.
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