US labour market sheds jobs in July as labour force participation slumps
Summary
The US labor market lost 23,000 jobs in July, with decreases in sectors like education, government, and retail. The unemployment rate fell slightly, but fewer people are working or looking for work, as labor force participation dropped to its lowest level in five years.Key Facts
- The US lost 23,000 jobs in July across several sectors.
- The unemployment rate fell from 4.2% to 4.1%.
- Labor force participation dropped to 61.4%, the lowest in five years and one of the lowest in 50 years outside the pandemic.
- About 264,000 people left the workforce, meaning they stopped working or looking for work.
- The retail sector lost 19,000 jobs, especially in warehouse clubs and big-box stores.
- The leisure and hospitality sector lost 40,000 jobs, with food services accounting for 26,000.
- Government jobs dropped by 53,000, mostly in local education (49,000 jobs lost).
- Healthcare added 22,000 jobs, mostly in ambulatory services.
- Job openings declined slightly from 7.5 million to 7.4 million, while hiring stayed the same at 5.3 million.
- Experts expect the Federal Reserve to keep interest rates steady in September due to weak job growth.
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