July jobs report reveals unexpected loss of 23,000 jobs
Summary
The U.S. economy lost 23,000 jobs in July, which was less than what experts expected. The unemployment rate slightly fell to 4.1%, but fewer people are working or looking for work than before.Key Facts
- Economists predicted a gain of 95,000 jobs in July, but instead, the economy lost 23,000 jobs.
- The unemployment rate dropped from 4.2% in June to 4.1% in July.
- Previous job numbers for May and June were lowered by a combined 103,000 jobs.
- The labor force participation rate, meaning those working or looking for work, fell to 61.4%, the lowest since February 2021.
- Job losses in July were mainly in local government education (50,000 jobs lost) and retail (19,000 jobs lost).
- Healthcare added 22,000 jobs, continuing its role as a job growth area this year.
- Hiring is slow across the market, with fewer job postings but more people applying for each job.
- Layoffs remain at the lowest level in two years, helping keep unemployment steady despite fewer hires.
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