US Labor Market Likely Picked Up in July Amid Resilient Job Gains

The US labor market is expected to have picked up in July, according to economists surveyed by Reuters. Nonfarm payrolls are forecasted to increase by 80,000 jobs last month after rising by 57,000 in June.

The unemployment rate is anticipated to hold steady at 4.2% despite the labor force participation rate rebounding from a five-year low in June.

Economists point out that employment gains have slowed down since the strong spring performance, but the labor market remains resilient.