In July, the U.S. saw a slowdown in job growth, adding only 73,000 jobs, while the unemployment rate rose to 4.2%. President Trump took action by ordering the firing of the Bureau of Labor Statistics commissioner, accusing her of manipulating job data. Despite the overall job growth disappointment, the health care sector added 55,000 jobs. In contrast, manufacturing and federal government sectors lost jobs. The stock market showed a negative reaction, with the S&P 500 falling approximately 1.5%. The housing sector continues facing issues like affordability and slow demand due to high mortgage rates.
Job growth in July fell short of expectations, with only 73,000 jobs added and an increase in the unemployment rate to 4.2%.
President Trump ordered the firing of the Bureau of Labor Statistics commissioner, alleging manipulation of job numbers for political purposes.
The health care sector experienced robust job growth in July, adding 55,000 jobs, while manufacturing and the federal government saw declines.
The stock market reacted negatively to the disappointing jobs report, with the S&P 500 falling about 1.5%.
Despite the weak job market, the housing sector continues to face challenges with affordability, stagnant home prices, and slow homebuyer demand due to high mortgage rates.
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