00:00It's Benzinga bringing Wall Street to Main Street.
00:02The U.S. economy shed 23,000 jobs in July, missing economists' expectations for an 83,000 gain,
00:10while the unemployment rate edged down to 4.1 percent, according to NBC News.
00:15The Bureau of Labor Statistics also revised May and June payroll gains lower by a combined 103,000
00:22jobs. Average hourly earnings rose 0.1 percent from June and 3.2 percent from a year earlier,
00:29below the latest 3.5 percent inflation reading.
00:32Heather Long, chief economist at Navy Federal Credit Union, told NBC News that annual wage
00:38growth slowed to a five-year low of 3.2 percent as inflation accelerated.
00:42Leisure and hospitality lost 40,000 jobs, while retail shed 19,000 and financial services lost 14,000.
00:51Healthcare added 22,000 jobs, construction gained 22,000, and manufacturing added 5,000.
00:59Stocks rose after the report as expectations for a September Federal Reserve rate hike
01:03fell to about 40 percent.
01:05For all things money, visit Benzinga.com.
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