The U.S. economy added 187,000 new jobs in July, according to the Bureau of Labor Statistics (BLS), falling short of the consensus estimate of 200,000 and making it the second-weakest jobs growth under President Joe Biden.

The unemployment rate dipped to 3.5 percent, down from 3.6 percent, and matched the market forecast. The labor force participation rate held steady at 62.6 percent.

Average hourly earnings were unchanged at a 4.4 percent increase year-over-year and 0.4 percent month-over-month.

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