US Adds 73K Jobs in July; Jobless Rate Hits 4.2% Amid Govt Cuts

US job growth slowed in July, with nonfarm payrolls rising by 73,000 and the unemployment rate increasing to 4.2%.

Employment within the federal government continued to decline in July and has decreased by 84,000 since reaching its peak in January.

In July, the number of new entrants, the unemployed individuals seeking their first job, rose by 275,000 to 985,000. The total number of unemployed people stood at 7.2 million.

The number of long-term unemployed people, those without a job for 27 weeks or more, increased by 179,000 to 1.8 million. They account for 24.9 per cent of all unemployed people.

Job growth has slowed amid uncertainty over US President Donald Trump's tariff levels. On Thursday, Trump imposed steep tariffs on dozens of trading partners ahead of a trade deal deadline on Friday, including a 25% duty on India.