U.S. economy unexpectedly lost 23,000 jobs in July
The unemployment rate fell to 4.1% even as employers cut payrolls, a sign the labor market is cooling after months of cautious hiring.
- On Friday, the government's Nonfarm Payrolls Report revealed the U.S. lost 23,000 jobs last month, while the unemployment rate dipped to 4.1% from 4.2%.
- Structural shifts including an aging population, retiring Baby Boomers, and reduced immigration flows are changing hiring patterns throughout the year, said Nela Richardson, ADP chief economist.
- Teen workers serve as a "canary in the coal mine" for the broader economy, with labor research firm Challenger, Gray and Christmas reporting summer hiring is worse than last year's record low.
- Market reaction was swift, with U.S. stock index futures gaining and interest rates dipping, as traders price in a 55% chance the Fed will tighten next month.
- According to EY-Parthenon economists Gregory Daco and Lydia Boussard, many firms are choosing to retain workers through current uncertainty rather than implementing broad workforce reductions, relying on a cautious wait-and-see approach.
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275 Articles
Minnesota Reformer
Wisconsin ExaminerUS employers shed 23K jobs in July
U.S. employers shed 23,000 jobs in July, and the employment count for earlier months was revised downward by 103,000 jobs as labor shortages begin to weigh on hiring, according to new statistics released Friday by the federal Bureau of Labor Statistics. “There’s no sugarcoating the overarching message in the July jobs report,” Mark Zandi, the […]
US labor market shocks with 23,000 lost jobs in July. Iran's war, tariffs, and falling employment rates increase pressure on Trump.
U.S. economy unexpectedly sheds jobs in July as labor market cools | Honolulu Star-Advertiser
WASHINGTON >> The U.S. economy unexpectedly shed jobs in July and previously reported job gains for the prior two months were revised sharply lower, tempering financial market expectations for an interest rate hike from the Federal Reserve next month.
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