US Job Growth Slows Sharply in July; Jobless Rate Rises

US job growth slowed more than expected in July while the prior month's data was revised sharply lower, pointing to a marked moderation in the labor market.

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WASHINGTON - US job growth slowed more than expected in July while the prior month's data was revised sharply lower, pointing to a marked moderation in the labor market.

Non-farm payrolls increased by 73,000 jobs in July after rising by a downwardly revised 14,000 in June, the US Labor Department's Bureau of Labor Statistics (BLS) said in its closely watched employment report on Aug 1.

Economists polled by Reuters had forecast payrolls increasing by 110,000 jobs after rising by a previously reported 147,000 in June.

The unemployment rate rose to 4.2 percent from 4.1 percent in June.

Estimates ranged from no jobs added to an increase of 176,000 positions. The US Federal Reserve on July 30 left its benchmark interest rate in the 4.25 percent to 4.5 percent range.