Job growth is not expected to show much improvement in July, with nonfarm payrolls forecast to gain just 83,000 and the unemployment rate holding steady at 4.2%. This follows a weak June with only 57,000 jobs added. The labor force participation rate tumbled to 61.5%, its lowest since March 2021 and, outside the pandemic era, the lowest since June 1976. The Federal Reserve remains focused on inflation while monitoring these labor market indicators that could influence its future interest rate decisions.
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