Summer jobs report is a double whammy for workers
Summary
The U.S. economy lost 23,000 jobs in July, ending months of job growth. The unemployment rate fell to 4.1%, but this was mainly because fewer people were looking for work, not because more people found jobs.Key Facts
- The U.S. job market weakened in July with a loss of 23,000 jobs.
- Job growth from previous months was revised down by over 100,000 jobs.
- Local government education jobs dropped by 50,000, likely due to seasonal changes, not layoffs.
- Leisure and hospitality lost 40,000 jobs in July, adding to a two-month drop of 83,000 jobs.
- Financial jobs decreased by 14,000, now down 121,000 since last year’s peak.
- Healthcare added 22,000 jobs in July, less than its usual average of 36,000.
- The labor force shrank by 264,000 in July after a 720,000 drop in June, meaning fewer people are working or seeking work.
- The decline in job numbers reduces pressure on the Federal Reserve to raise interest rates soon.
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