U.S. hiring cooled but remained solid in July and the unemployment rate fell, showing the labor market remains firmly in expansion mode.
U.S. nonfarm payrolls rose a seasonally adjusted 157,000 in July, the Labor Department said Friday. The unemployment rate, a seasonally adjusted 3.9%, ticked down from 4.0% the prior month. (Follow our live analysis.)
Looking over a broader period, job growth appears stronger. Revised figures show employers added 248,000 jobs in June and 268,000 in May, a net upward revision of 59,000.
Economists surveyed by The Wall Street Journal had expected 190,000 new jobs and a 3.9% unemployment rate.
Wages rose 2.7% from a year earlier in July, a modest pace.
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