A man signs into a career fair hosted by the New Hanover NCWorks and the Cape Fear Workforce Development Board in Wilmington, North Carolina on June 20, 2023. Photographer: Allison Joyce/ Bloomberg
U.S. employment increased at a solid pace in July, while wages rose at a faster-than-expected clip, consistent with the sustained labor demand that's at the root of renewed momentum in the economy.
Non-farm payrolls increased 187,000 last month following a similar advance in June, according to a Bureau of Labor Statistics (BLS) report released today. The unemployment rate unexpectedly dropped to 3.5 percent, one of the lowest readings in decades.
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