US Nonfarm Payrolls Drop 23K in July, Far Below 80K Expected
US Nonfarm Payrolls fell by 23,000 in July, a sharp miss against the 80,000 gain expected and a downward revision to June's figure, signaling labor market weakness.
The US economy unexpectedly lost 23,000 jobs in July, the Bureau of Labor Statistics reported, dramatically missing the consensus estimate of an 80,000 increase. This marks a sudden reversal from the prior month's revised gain of 20,000 (originally reported as 57,000).
The data points to a significant softening in the labor market, intensifying concerns about the economic outlook. Analysts had anticipated a robust rebound, but the figures instead show contraction.
The weak print could shift expectations around Federal Reserve policy, as markets reassess the timing and pace of potential rate adjustments.
Source: FXStreet Forex News