US lost 23,000 jobs in July as slump in growth continues amid Middle East conflict
Summary
US employers lost 23,000 jobs in July, which was not expected, and job gains from previous months were lowered. The unemployment rate stayed steady at 4.1%, even as job openings and workforce growth slowed, partly influenced by ongoing conflict in the Middle East.Key Facts
- US lost 23,000 jobs in July, opposite to economists' prediction of 83,000 new jobs.
- Job gains for May and June were lowered by 74,000 in total after revisions.
- Unemployment rate remained steady at 4.1% in July.
- Private employers added 44,000 jobs in July, down from 98,000 in June.
- Job openings fell by 178,000 to 7.4 million in June, with a big drop in healthcare jobs.
- Layoffs in July were very low, with about 33,500 job cuts, the lowest in two years.
- Personal savings rate fell to 2.7% in June 2026, the lowest since June 2022.
- The Federal Reserve is considering raising interest rates again this year to control inflation.
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