The U.S. added 187,000 jobs in July, less than the estimate of 200,000. The unemployment rate fell to 3.5%. Economists were expecting it to remain unchanged at 3.6%. Average hourly earnings rose 4.4% from a year ago. Yahoo Finance Live breaks down the numbers.

Video Transcript

JULIE HYMAN: We got the jobs report now. Watching for the numbers to come across here. 187,000 a disappointing number. 187,000 jobs added to the US economy last month here. The unemployment rate, though, falling to 3 and 1/2 from 3.6%, and average hourly earnings stronger than estimated, rising 0.4% month-over-month, and 4.4% year-over-year.

I'm looking at also average weekly hours worked, ticking down slightly to 34.3%. The labor force participation rate still holding steady at 62.6%. So, again, just to reiterate our top line numbers here, 187,000 jobs added last month, that is below the 200,000 that was estimated by economists. It also is a slower addition, lower addition, than the 209,000 from the prior month.

I'm still waiting for the revisions to come in, though, to get a fuller picture on that front. The unemployment rate falling by a tenth of 1% and coming in a tenth of a percent lower than estimates at 3 and 1/2 percent, and average hourly earnings rising at a faster pace than estimated, holding steady with the prior month on that front, rising year-over-year by 4.4%. So really interesting stuff in here, you guys. And unexpected, I guess, Soz. Maybe the Apple indicator was a little bit more trusting [INAUDIBLE]--

BRIAN SOZZI: Look, I know what I'm talking about here, right? Come on, Julie.

JULIE HYMAN: Ah, don't get crazy.

BRIAN SOZZI: All right, well I want to pull a couple of call outs here, because this report might start to spur talk of the economy slowing down a little bit faster than people thought, because of, really, the Fed series of rate hikes. And a couple of things that caught my attention, manufacturing jobs, little changed, retail jobs, little change, transportation jobs, little change. Really, those are the forward-looking indicators, in my view, for the economy.

And then if you scroll down to the bottom of this release, guys, you saw some pretty sizable downward revisions to prior month jobs data. May revised down, 25,000, June revised down, 24,000, almost 50,000 fewer jobs that the economy created according to this report. So is the economy slowing? Sure. Is it falling apart? Definitely not.