US employers added 187,000 jobs in July, less than expected and a sign that the labor market is cooling after a series of interest rate hikes by the Federal Reserve have driven rates to their highest level in 22 years.
Angela Hanks, chief of programs at Demos and former acting assistant secretary at the Department of Labor, said the figures showed the job market remained “resilient overall”.
“We saw in June that wages were finally beginning to outpace inflation, and this month’s report shows that trend continues. Which means that people are actually getting to feel those wage gains,” she said.
But she said there was Black unemployment rate was still troubling. “It remains nearly double the white unemployment rate, and above the historic lows it hit earlier this year. There’s still room to improve on this front, and this remains the number to watch in subsequent reports.”