The July jobs report shows a decrease in hiring, adding only 73,000 jobs instead of the anticipated 106,000, while the unemployment rate rose to 4.2%. Job seekers feel disheartened, experiencing longer searches without success. The report includes significant downward revisions to May and June's job growth. Experts acknowledge a softening labor market, indicating a mismatch in available jobs and skills of seekers. Overall, recent trends reveal challenges for job hunters following the more robust job growth during the earlier phases of the Great Resignation.
The July jobs report revealed that 73,000 jobs were added in July, less than the expected 106,000. The unemployment rate also increased to 4.2%.
Laura Ullrich stated that the revisions reinforced her thinking that the labor market is softening considerably. There is a quite lopsided jobs market in terms of the jobs that are available.
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