US Job Growth Slows To A Crawl In July As Unemployment Rises

Joe Biden and Kamala Harris love to tout their delusions about how much they’ve helped the economy.

Unfortunately, the numbers don’t support their claims.

If Kamala Harris hopes to beat President Donald Trump, she’d better get with reality.

According to the Labor Department, job growth hit a roadblock last month.

Original forecasts by economists predicted 175,000 new jobs in July.

They were short on that prediction by about 61,000.

Worse yet, the unemployment rate rose to 4.3%.

I thought Bidenomics was supposed to be a homerun?

BREAKING: US job growth slows to 114K in July while unemployment rate unexpectedly jumps https://t.co/m7aQA0fzO4

— FOX Business (@FoxBusiness) August 2, 2024

Fox Business has the scoop:

U.S. job growth cooled sharply in July while the unemployment rate unexpectedly rose to the highest level in nearly three years.

The Labor Department reported Friday that employers added 114,000 jobs in July, missing the 175,000 gain forecast by LSEG economists. The unemployment rate also unexpectedly inched higher to 4.3% against expectations that it would hold steady at 4.1%.

It marked the highest level for the jobless rate since October 2021.

Job growth in the U.S. slowed much more than expected during July and the unemployment rate ticked higher, the Labor Department reported Friday. https://t.co/VNjmEigjy5 pic.twitter.com/pwk97AAnvy

— CNBC (@CNBC) August 2, 2024

CNBC shared more details:

Job growth in the U.S. slowed much more than expected during July and the unemployment rate ticked higher, fueling fears of a broader economic slowdown, the Labor Department reported Friday.

Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly revised 179,000 in June and below the Dow Jones estimate for 185,000. The unemployment rate edged higher to 4.3%, its highest since October 2021.

Average hourly earnings, a closely watched inflation barometer, increased 0.2% for the month and 3.6% from a year ago. Both figures were below respective forecasts for 0.3% and 3.7%.

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Stock market futures added to losses following the report while Treasury yields plunged.

The labor market had been a pillar of economic strength but has recently shown some trouble signs, and the July payrolls increase was well below the average of 215,000 over the past 12 months.

BREAKING – all isn’t going well with Bidenomics: Unemployment Rises to 4.3% in July, Highest Since 2021, as Job Growth Slows to 114,000 Amid Economic Strain

NOTE: In July, employers added 114,000 jobs, indicating a weakening labor market as the effects of higher interest rates… pic.twitter.com/UJUbzHjc98

— Simon Ateba (@simonateba) August 2, 2024

For perspective, Fox News reports from July 2023 to July 2024, there has been a net zero job growth:

“Since July of 2023 versus July of 2024, there's been a net zero job growth.”

"It is ABSOLUTELY CLEAR the economy is SLOWING DOWN.” pic.twitter.com/qUGduG5RFE

— Trump War Room (@TrumpWarRoom) August 2, 2024

The rise in the unemployment rate has triggered the so-called “Sahm Rule,” which states that if the unemployment rate raises by half a point from the previous year’s low over a three-month moving average, a recession is likely already underway.

The Sahm Rule Recession Indicator triggered in July; Fed Chair Powell said it's not an economic rule, but a statistical regularity. In any event, here we are. pic.twitter.com/ZhSHx2qbJt

— Liz Young Thomas (@LizThomasStrat) August 2, 2024

Smallest monthly job growth since Dec 2020. #NFP https://t.co/yIAf7lN0Y9

— Carl Quintanilla (@carlquintanilla) August 2, 2024

But I thought Kamala said “Bidenomics” was working??? pic.twitter.com/Ew1yNMNkxd

— Proud Elephant 🇺🇸🦅 (@ProudElephantUS) August 2, 2024

This week, we learned:
-job creation is down
-unemployment rate is up
-wage growth is down
-job openings/unemployed is down
-quits rate is down
-initial claims are up
-labor market confidence is down

— Sam Ro 📈 (@SamRo) August 2, 2024

BREAKING: The last three months of jobs numbers have been revised down by 150,000.

Unemployment rate is now at 4.3%

That's Bidenomics in action! pic.twitter.com/7xHUv8yc0t

— Andrew @ Don’t Walk, RUN! (@DontWalkRUN) August 2, 2024