July Nonfarm Payrolls -8/2/13

July Nonfarm Payrolls +162K, unemployment rate 7.4%

• July Nonfarm Payrolls: +162K vs. consensus +175K, +188K previous (revised from +195K).
• Unemployment rate 7.4% vs. consensus 7.5%, 7.6% previous.

• The July jobs numbers are in. Headline unemployment ticks down to its lowest level since 2008, even as payrolls come in light.
• Labor force participation rate is 63.4%.
• Average workweek is slightly lower to 34.4 hours.
• Average hourly earnings fall $0.02 to $23.98, up 1.9% Y/Y.
• U-6 unemployment falls to 14% from 14.3% in June.

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