The Bureau of Labor Statistics released data showing that the unemployment rate rose to 4.3% in July as only 114,000 non-farm jobs were added to the economy, falling short of the expected 185,000. This marks the highest unemployment rate since October 2021, with a 0.8% increase from the previous year.
The report indicated that Hurricane Beryl, which hit Texas in July, did not have a significant impact on the weak job growth. Unemployment mainly increased among men and white individuals, with rates for adult men and whites rising in July.
Economist E.J. Antoni from the Heritage Foundation highlighted that native-born Americans have lost 1.2 million jobs over the past year, while foreign-born employment has increased by 1.3 million. This has raised concerns about job displacement among American workers.
Despite job gains in healthcare, construction, transportation, and warehousing industries, the information sector saw a decline in employment. Lawmakers, including Rep. Jim Banks, expressed worries about the economy's direction, citing persistent inflation as a concern.
Overall, the lackluster job growth in July has raised alarms about the economy's trajectory and the impact on American workers. The data reflects a challenging labor market with disparities in job losses among different demographic groups. The response from lawmakers and economists underscores the need for policies to address the ongoing economic challenges and support job creation for all Americans.