Payrolls Fall Less Than Expected, But Unemployment Creeps Up To 5.7%

Nonfarm payrolls in July fell by 51,000, beating the consensus estimate of 75,000 and matching last month’s decline, which was also 51,000. The average workweek came in slightly under consensus at 33.6 vs. the estimate of 33.7, indicating that employers continued to cut back on hours. The unemployment rate rose to 5.7% from 5.5%, ahead of the consensus estimate of 5.6%

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