July non-farm payrolls rose by 23K, falling short of the 80K forecast, while unemployment held at 4.2%.
US employers added 23K jobs in July, well below the 80K consensus forecast, signaling a sharper slowdown in labor market growth. The unemployment rate remained at 4.2%, matching expectations, while average hourly earnings rose 0.3% month-over-month, in line with estimates.
The prior month’s payrolls were revised to 57K, and a two-month net revision added 129K jobs. Participation held at 61.5%, while the U6 underemployment rate ticked up to 7.9%. Private payrolls increased by 78K, missing forecasts, and manufacturing payrolls rose by 4K.
Before the release, USD/JPY traded at 158.33, and Fed funds futures priced a 57% chance of a September rate hike.