PK-LIVE NEWS

The U.S. economy added a smaller-than-expected number of new jobs last month as the labor market continues to cool. In July, payroll growth slowed to 73,000, new Bureau of Labor Statistics data show. The median estimate for employment gains was 115,000, according to FactSet Insights. The unemployment rate ticked up to 4.2 percent from 4.1 percent, in line with market expectations. Private payrolls rebounded in July, soaring by 83,000 following a downwardly revised 3,000 boost in June. Health care and social assistance accounted for all the employment gains, with 55,000 and 18,000 new jobs, respectively. Federal government jobs fell by 12,000 and are down by 84,000 this year. “Employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey,” the report stated. Manufacturing payrolls also declined by 11,000.