This Week In The Economy: Slowdown In Pace of US Job Growth, Another US Credit Rating Downgrade, Bank of England Not Done With Rate Hikes

Welcome to a regular snapshot review of U.S. and international economic news that aims to 1) provide a window into the challenges and decisions facing businesses today, 2) determine the direction of economic policy — such as the speed at which central banks decide to raise interest rates, and 3) assess what the impact will be for consumers.

U.S. Economy Adds Less Than 200k Jobs For 2nd Month In A Row

The Bureau of Labor Statistics reported this week that the economy added 187,000 jobs last month, less than the average monthly gain of 312,000 over the prior 12 months, while the unemployment rate dipped to 3.5%.

In addition, the change in total nonfarm payroll employment for May was revised down by 25,000, from +306,000 to +281,000, and the change for June was revised down by 24,000, from +209,000 to +185,000. This U.S. job growth in May and June combined is 49,000 lower than previously reported.