Payroll growth south of the border slowed down in July after two robust months, though the unemployment rate edged lower and the overall jobs picture continued to look solid.
Information released Friday by the U.S. Labor Department showed total non-farm payrolls increased by 157,000 for the month, below the 190,000 expected in a survey of economists. The numbers represented the lowest gain since March. The unemployment rate fell one-10th of a percentage point to 3.9%, as expected, and is around its lowest level in nearly 50 years.
In the key wages category, average hourly earnings also met expectations, increasing 2.7% over the same period a year ago. The Federal Reserve is closely watching the wages component as it seeks to meet its 2% inflation target.
An alternative measure of unemployment that includes discouraged workers and those holding jobs part-time for economic reasons, often referred to as the "real" unemployment rate, also declined, from 8.1% in June to 7.9% in July. The closely watched labour force participation rate was unchanged at 62.9%.
