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U.S. to Report on July Employment as Inflation and Fed Rate Hikes Hit Economy
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The U.S. labor market likely cooled again in July, economists estimate, as the economy faltered under the weight of high inflation and Federal Reserve interest-rate increases to cool demand.
Employers are estimated to have created 258,000 jobs in July, with the unemployment rate staying steady at 3.6%, according to economists surveyed by The Wall Street Journal. That would mark a significant slowing of payroll growth in the first half of the year that was faster than during any other post-World War II period when the economy began contracting.
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