US Economy Unexpectedly Sheds 23K Jobs in July, Far Below Forecasts
Nonfarm payrolls fell by 23,000 in July against expectations of an 85,000 gain, while the jobless rate unexpectedly dipped to 4.1%.
The US labor market delivered a sharp negative surprise as the economy lost 23,000 jobs in July, entirely missing the consensus estimate of an 85,000 increase.
Despite the payroll decline, the unemployment rate edged down to 4.1%, beating forecasts of 4.2%. The previous month's job figures were also revised lower by 37,000, compounding the weak picture.
This marks the third-largest monthly job loss since the pandemic shock in 2020, underscoring a sudden cooling in what had been a resilient labor market.
Source: The Kobeissi Letter