by Andrew Moran
The unemployment rate dipped to 3.5 percent, down from 3.6 percent in June. The labor force participation rate slipped to 62.1 percent
Average hourly earnings rose 0.5 percent month-over-month and 5.2 percent year-over-year. Both readings were higher than economists’ expectations of 0.3 percent and 4.9 percent, respectively. Average weekly hours also edged up to 34.6.
Employment growth was broad-based in July, led by notable gains in leisure and hospitality (96,000), professional and business services (89,000), and health care (70,000)…