U.S. job growth slowed more than expected in July, likely due to companies’ struggles to find qualified workers, and the unemployment rate declined, pointing to tightening labor market conditions.
Nonfarm payrolls increased by 157,0000 jobs last month, the Labor Department said on Friday. The unemployment rate fell one-tenth of a percentage point to 3.9 percent in July, even as more people entered the labor force in a sign of confidence in their job prospects.
Economists polled by Reuters had forecast nonfarm payrolls increasing by 190,000 jobs last month and the unemployment rate falling to 3.9 percent.
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