US Jobs growth steady but unemployment rate ticks higher

Data released overnight shows the US jobs market continuing to perform steadily (if less spectacularly than had been expected). Non-farm payrolls grew by 209,000 in July. Payrolls for both May and June were also revised up by a total of 15,000. The monthly average over the past 6 months now sits above 200,000.

Despite the increase in jobs a move up in the Participation Rate to 62.9 (from 62.8) saw the headline unemployment rate tick higher to 6.2% (from 6.1% in June).

The graphic below from the Wall Street Journal details some of the data.

WSJ

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