Myles Udland

The U.S. economy added 209,000 jobs in July and the unemployment rate rose to 6.2%.

This is according to latest employment report from the Bureau of Labor Statistics.

Expectations were for nonfarm payrolls to grow 230,000 and the unemployment rate to remain unchanged at 6.1%.

According to Bloomberg's Jeanna Smialek, this now marks a six month streak of the U.S. adding more than 200,000 jobs, the longest such streak since 1997.

This report comes after we got better than expected GDP data on Wednesday that showed the economy grew at a 4% annualized rate in the second quarter.

The Federal Reserve also announced its latest monetary policy decision on Wednesday, keeping interest rates near 0% and further reducing its quantitative easing program.

Some had suspected that stronger economic data would force the Fed to change its policy stance, but after today's jobs report, which also showed tepid wage growth, it appears that for at least another month the Fed will not be further pressured to change its policy.

In July, the average hours worked remained at 34.5 hours per week, and average hourly earnings increasing 0% over month and 2% over last year. Economists were expecting wages to increase 0.2% over last month and 2.2% over last year.  

The labor force participation rate also ticked up to 62.9% from 62.8%, where it had been for the last three months.

The number of persons employed part time for economic reasons, also known as involuntary part-time workers, remained unchanged at 7.5 million.

The report also contained revisions to both May and June's reports. Last month's report was revised up to 298,000 from 288,000, while May was also revised higher, to 229,000 from 224,000.

BI's Rob Wile also noted that for workers with bachelor's degrees, the unemployment actually fell, dropping to 3.1% from 3.3%.

This table from the BLS gives a breakdown of jobs added by sector.

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