Jobs report gets a ‘gentlemen’s C’ as growth slows

Here are some early comments on the July U.S. employment report, which showed 164,000 jobs created in the month and unemployment holding steady at 3.7%, just above a 50-year low.

Read more about the jobs report from MarketWatch.

• “In general, this jobs report was fine but not spectacular. Job growth continued to slow, and is now less than three-quarters of what it was on average at this point last year. That being said, job growth is not at a level that should cause concern for jobseekers. The economy is still expanding, just at a slower pace.” — Martha Gimbel, Indeed Hiring Lab.

• Joseph Brusuelas called the July jobs gains “solid” but gave the report a “gentlemen’s C” overall, citing downward revisions in May and June and a decline in hours worked.

• “The report shows the same sort of themes we see across a number of other data releases, in that the trade war continues to have a bigger impact on manufacturing than the other sectors of the economy, and those other sectors continue to grow in spite of the trade war.” — Thomas Simons, Jefferies LLC.

• “The data are consistent with our call for just one more Fed cut, given that the US actually needs to see growth no higher than 2% to avoid overheating the labor market.” — Avery Shenfeld, CIBC Economics.

• Daniel Zhao of Glassdoor said wage growth was a bright spot in the report, as the 12-month rate of hourly wage gains edged up to 3.2% from 3.1%.

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