US Labor Market Continues to Slow as Economy Adds 187,000 New Jobs

The U.S. economy added 187,000 new jobs in July, down from a downwardly revised 185,000 in June; the consensus estimate was 200,000 and represented the second-worst jobs report under President Joe Biden.

Construction workers erect a building in downtown Miami, Fla., on June 14, 2023. JIM WATSON/AFP via Getty Images

The U.S. economy added 187,000 new jobs in July, according to the Bureau of Labor Statistics (BLS), falling short of the consensus estimate of 200,000 and making it the second-weakest jobs growth under President Joe Biden.

The unemployment rate dipped to 3.5 percent, down from 3.6 percent, and matched the market forecast. The labor force participation rate held steady at 62.6 percent.