US Labor Market Sees Steady Growth in July

The US labor market is expected to have picked up in July, according to economists surveyed by Reuters. The nonfarm payrolls are forecasted to increase by 80,000 after a gain of 57,000 in June, which is still below the average 111,000 monthly payroll gains over the second quarter.

The unemployment rate is predicted to remain unchanged at 4.2% last month, with the labor force participation rate expected to rebound after declining to more than a five-year low in June.

Economists point out that the labor market has been resilient and steady, with neither strong nor weak employment growth. This stability is attributed to domestic demand growing at its fastest pace in over three years in the second quarter.