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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284 Articles
The unemployment rate fell to 4.1 per cent due to the fall in the labour force, in a context of uncertainty that alters government plans and challenges market expectations
U.S. Economy Unexpectedly Loses 23K Jobs in July, Unemployment Rate Hovers Around Four Percent
The U.S. economy lost 23,000 in July, the federal government reported Friday. Forecasters expected job gains for last month to be as high as 83,000, according to CNBC.
What the July jobs report reveals about the strength of the economy
New labor data shows the U.S. economy lost 23,000 jobs in July, when economists had predicted modest growth. Revised numbers for May and June also show 103,000 fewer jobs created than originally reported. The unemployment rate ticked down, from 4.2% to 4.1%, a function of fewer people seeking jobs. Amna Nawaz discussed the numbers with Heather Long, chief economist with Navy Federal Credit Union.
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 […]
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