The U.S. economy added 187,000 jobs in July, slightly less than expectations, while the unemployment rate dropped to 3.5%. The job gains were on par with those in June.
They are likely to give economists more hope that the the labor market can withstand the Federal Reserve’s inflation-fighting interest rate hikes without a recession.
The Bureau of Labor Statistics said that the largest job gains were in health care, social assistance, financial activities and wholesale trade.
Employment in motion picture and recording industries fell to 463,000, from 469,200 a month earlier. The WGA strike slowed production, and the SAG-AFTRA walkout in July largely brought it to a standstill.
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