{"id":7862,"date":"2023-08-05T16:16:32","date_gmt":"2023-08-05T16:16:32","guid":{"rendered":"https:\/\/isafespend.com\/news\/economy-adds-187000-jobs-in-july-a-sign-the-feds-rate-hikes-are-working\/"},"modified":"2023-08-05T16:16:33","modified_gmt":"2023-08-05T16:16:33","slug":"economy-adds-187000-jobs-in-july-a-sign-the-feds-rate-hikes-are-working","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=7862","title":{"rendered":"Economy adds 187,000 jobs in July, a sign the Fed’s rate hikes are working"},"content":{"rendered":"
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U.S. employers added 187,000 jobs during the month of July, less than the 200,000 economists were expecting and below the 209,000 created in June.\u00a0<\/p>\n

The unemployment rate dipped to 3.5%, and average hourly earnings rose 4.4% annually.\u00a0<\/p>\n

Sectors adding jobs included health care (63,000), social services (24,000), financial activities (19,000) and hospitality (17,000). Jobs cuts were seen in manufacturing and employment services at 2,000 and 8,000, respectively.\u00a0<\/p>\n

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Inside the July Jobs Report\u00a0<\/h2>\n<\/header>\n
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Financial activities: +19,000<\/p>\n<\/div>\n

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Employment services: -8,000<\/p>\n<\/div>\n

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Source: Bureau of Labor Statistics\u00a0<\/p>\n<\/div>\n<\/div>\n<\/section>\n

Last month, the unanimous decision by the Federal Reserve to raise interest rates put the key benchmark federal funds rate at a range of 5.25% to 5.5%, the highest since 2001, further restricting economic activity as the borrowing costs for homes, cars and other items march higher.<\/p>\n

It marks the 11th rate increase aimed at combating high inflation since policymakers began tightening in March 2022.\u00a0<\/p>\n

FED HIKES RATE TO 22-YEAR HIGH<\/strong><\/p>\n