#USNonFarmPayrollReport Overview of the recent report (July 2025)

Key results:

The U.S. added 73,000 jobs in July 2025, well below expectations (~110,000).

Revisions for May and June were drastically lowered, with a cumulative reduction of 258,000 jobs.

The unemployment rate rose to 4.2% from 4.1% in June.

The labor force participation rate fell to 62.2%, marking its third consecutive month of decline.

The sectors with the highest job creation were health (+55,000) and social assistance (+18,000), while the federal government lost 12,000 jobs, accumulating a decline of 84,000 since January.

Context and projections:

The strength of the labor market appears to be waning, which has opened more room for the Federal Reserve to cut rates in September.

The contraction of the foreign labor force and the dominant role of employment for U.S. citizens have impacted the overall dynamics of the labor market.

The sharp downward revisions were the result of updated subsequent data and unusual seasonal adjustments, particularly in sectors such as public schools.