États-Unis Paiements non agricoles

US nonfarm payrolls rose by 73K in July 2025, well below expectations of 110K. The June figure was sharply revised down from an initial 147K to just 14K, while May's reading was also cut by 125K. Taken together, these revisions show that employment in May and June was 258K lower than previously reported—suggesting the labor market may be cooling more rapidly than initially anticipated. In July, employment continued to trend up in health care (55K), led by ambulatory health care services (34K) and hospitals (16K). Job gains also happened in social assistance (18K). Employment showed little change over the month in other major industries, including mining; construction; manufacturing; wholesale trade; retail trade; transportation and warehousing; information; financial activities; professional and business services; leisure and hospitality. On the other hand, federal government employment continued to decline in July (-12K) and is down by 84K since reaching a peak in January.