UPDATE - US adds 187,000 jobs in July, lower than estimates

UPDATES WITH PRESIDENT JOE BIDEN'S REMARKS

By Ovunc Kutlu

ISTANBUL (AA) - The US economy added 187,000 jobs in July, lower than market estimates, while the unemployment rate fell to 3.5%, the Labor Department announced on Friday.

The market expectation for nonfarm payrolls was a gain of 200,000 in July.

Job additions for June were revised down by 24,000, from 209,000 to 185,000, according to data from the Bureau of Labor Statistics.

The unemployment rate, on the other hand, fell 0.1 percentage point to 3.5% in July, from 3.6% in June.

The market estimate for the figure was to come in at 3.6%.

The number of unemployed people declined to 5.8 million in July, from 6 million in June.

President Joe Biden said unemployment rate is near a record low level, while the share of working age Americans who have jobs is at the highest level in 20 years.

He noted that the unemployment rate at 3.5% marks a full year and half below the rate of 4%, according to a statement by the White House.

Biden said American economy "continues to grow, while inflation has fallen by nearly two thirds and is at its lowest level in more than two years."