July Jobs Report: Hiring Slows, Unemployment Rate Holds at 3.7%

The U.S. Labor Department released the July jobs report.

The report shows hiring slowed slightly but saw an increase of 164,000 jobs last month, keeping the unemployment rate steady at 3.7%.

Average hourly earnings increased 3.2% from a year ago.

The positive jobs report is a good sign for the U.S. economy as trade negotiations with China have gone slowly.

One theory for the slower pace of hiring is that many Americans already have jobs.

The current unemployment rate is nearing a 50 year low.