According to our analysis USDJPY and EURUSD moved 157 pips and BTC moved 158 points on US Employment Situation (Non-farm payrolls / NFP) data on 1 August 2025.
USDJPY (76 pips)
EURUSD (81 pips)
BTC (158 points)
Charts are exported from JForex (Dukascopy).
July 2025 Jobs Report: U.S. Labor Market Shows Minimal Growth Amid Mixed Signals
The U.S. Bureau of Labor Statistics (BLS) released its July 2025 Employment Situation report, and the labor market continues to show signs of a cooling trend. With just 73,000 jobs added, the monthly job growth has remained tepid since April. The unemployment rate was unchanged at 4.2%, signaling a labor market in a holding pattern as economic uncertainty lingers.
Key Takeaways from July 2025:
Sluggish Job Growth
Nonfarm payroll employment rose by only 73,000, well below the average gains seen earlier in the year.
Revisions to previous months were significant: May was revised down by 125,000 jobs and June by 133,000, meaning a combined loss of 258,000 jobs from earlier estimates.
Unemployment Rate Holds Steady
The unemployment rate remained at 4.2%, largely unchanged since May 2024.
The number of unemployed people stood at 7.2 million.
Employment Trends by Sector:
Gains
Health care added 55,000 jobs, continuing a strong upward trend. Key contributors were:
Ambulatory health care services: +34,000
Hospitals: +16,000
Social assistance rose by 18,000, mainly driven by:
Individual and family services: +21,000
Losses
Federal government employment dropped by 12,000 in July and has declined by 84,000 since January.
No Significant Change
Industries such as manufacturing, construction, retail, professional services, and leisure and hospitality saw little to no movement.
Worker Demographics and Labor Force Participation:
Labor force participation rate: 62.2% (unchanged for the month, down 0.5 percentage points over the year)
Employment-population ratio: 59.6% (also little changed)
Long-term unemployed (27 weeks or more): Up 179,000 to 1.8 million, making up 24.9% of total unemployed
New entrants to the labor force (seeking their first job): Up 275,000 to 985,000
Discouraged workers: Decreased by 212,000 to 425,000, following an increase in the prior month
Wages and Work Hours:
Average hourly earnings for private nonfarm employees increased by $0.12 (0.3%) to $36.44
Over the past 12 months, wages rose by 3.9%
Average workweek: Increased slightly by 0.1 hour to 34.3 hours
Looking Ahead
While health care and social services continue to show resilience, the broader employment landscape is stagnating. Job creation has softened significantly, revisions to past reports indicate weaker momentum than previously thought, and long-term unemployment is creeping up.
The next jobs report—covering August—will be released on Friday, September 5, 2025. Additionally, the preliminary 2025 benchmark revision to employment data will be released on September 9, 2025, offering a deeper look into the actual state of the labor market using QCEW data.
Bottom Line: The July 2025 labor market report points to a slow summer for job growth. While wage gains and stable unemployment offer some reassurance, shrinking revisions and rising long-term unemployment suggest that the labor market is cooling more quickly than previously thought.
Disclaimer: This blog post is for informational purposes only and should not be construed as financial advice. Always conduct thorough research and consider seeking advice from a financial professional before making any investment decisions.
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