Three economists break down Friday's job number

12:42 PM ET Fri, 3 Aug 2018

Total nonfarm payrolls increased by 157,000 for the month, below the 190,000 expected in a Reuters survey of economists and the lowest gain since March. The unemployment rate fell one-tenth of a percentage point to 3.9 percent, as expected. Average hourly earnings increased 2.7 percent over the same period a year ago. Previous months' jobs numbers were revised substantially higher.