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Updated on Aug. 7.July hiring falls short of expectationsUnemployment was 4.1% in July, down 0.1 percentage point from June, according to the July jobs report released by the Bureau of Labor Statistics on Aug. 7. Total employment fell by 23,000, compared to a 20,000 increase in June and a 63,000 increase in May. The gains in July were well below forecasts of 83,000. Another worrying sign remains: Similar to June, long-term unemployment affected 1.8 million jobseekers in July. Those who have been jobless for 27 weeks or more comprise 25.5% of all those unemployed.Job gains:Health care (+22,000)Sporting goods, hobby, musical instrument, book, and miscellaneous retailers (+10,000)Job declines:Local government education (-50,000)Retail trade (-19,000)Financial activities (-14,000)Warehouse clubs, supercenters, and other general merchandise retailers (-21,000)Gasoline stations and fuel dealers (-5,000)What are the weekly jobless claims?Initial jobless claims went up for the week ending Aug. 1, according to the report released on Aug. 6.  Why it matters: The weekly jobless claims, or initial claims,...

WASHINGTON (AP) — The U.S. job market stalled unexpectedly last month, delivering a political blow to President Donald Trump three months ahead of midterm elections and complicating decision-making for the inflation fighters at the Federal Reserve. Employers cut 23,000 jobs in July. And Labor Department revisions slashed 103,000 jobs from May and June payrolls.The unemployment rate fell but for the wrong reason: Thousands of people dropped out of the labor market so fewer people were competing for work.The July jobs numbers from the Labor Department Friday marked a sharp setback for the American labor market and for Trump less than three months before his Republican party seeks to keep full control of Congress in the midterm election. Forecasters had expected job creation to approach 100,000 last month. Local public schools...

US employers unexpectedly lost 23,000 jobs in July and gains for the previous two months were revised down sharply by a combined 103,000 jobs, painting a weaker picture of the labor market than past data indicated.The unemployment rate, however, held steady at 4.1%. Economists had projected an unchanged unemployment rate and 83,000 new jobs for the month.The latest data from the Bureau of Labor Statistics illustrates the continued summer slump in job growth amid ongoing conflict in the Middle East. Pressure has been mounting within the US Federal Reserve to raise interest rates to combat persistently high inflation, but July’s job report and its latest revisions may cool those expectations at the central bank’s next meeting.July’s job losses were concentrated in local government education, with 50,000 jobs lost, and retail, which lost 19,000. The private sector, however, gained 30,000 jobs, with growth focused once again in healthcare.Hourly earnings of all employees changed little over the past year, increasing by 3.2%...

A summer hiring slump dogged the US labor market in July as the economy unexpectedly lost 23,000 jobs, according to new data released Friday by the Bureau of Labor Statistics. The unemployment rate dropped to 4.1% from 4.2% as more people left the labor force. July’s job gains marked a sharp slowdown from June’s total, which was downwardly revised to 20,000 from 57,000. Following revisions, the jobs created in May were essentially halved, dropping to 66,000 from 129,000. Workers’ pay gains slowed to a five-year low. The July report fell far short of economists’ expectations for a 95,000-job gain. ...

The U.S. economy saw an unexpected declined in jobs during July while the unemployment rate edged lower, the Bureau of Labor Statistics reported Friday in a snapshot that showed a slowing employment picture.Nonfarm payrolls fell by a seasonally adjusted 23,000 for the month, compared with a downwardly revised 20,000 for June. The Dow Jones consensus forecast had been looking for a gain of 83,000.At the same time, the unemployment rate slipped to 4.1% as the labor force participation rate fell further to 61.4%, its lowest in more than five years, another indication that fewer Americans were working or looking for jobs.In addition to the weak numbers for June and July, the final count for May was revised down to 63,000, or 66,000 lower than the prior estimate. The revised numbers brought the 12-month average down to just 34,000."The July employment report solidified that the labor market is not out of the woods quite yet," said Nicole Bachaud, a labor economist...

WASHINGTON (AP) — U.S. employers unexpectedly cut 23,000 jobs last month, and Labor Department revisions shaved 103,000 jobs off payrolls in May and June. The unemployment rate dipped to 4.1% only because Americans left the job market. The June jobs numbers from the Labor Department Friday marked a sharp reversal for the American labor market and a political setback for President Donald Trump less than three months before his Republican party seeks to keep full control of Congress in the midterm election. Forecasters had expected job creation to approach 100,000 last month. Local public schools cut 50,000 jobs in July, restaurants and bars 26,000, retailers 19,000. The 4.1% unemployment rate was the lowest since June 2025 – but it dropped for the wrong reasons: Fewer people were competing for work as 264,000 dropped out of the labor market. The share of those working or looking for fell to 61.4%, the lowest since February 2021. WATCH: Breaking down the GDP report as U.S. economy slows in...

Bottom Line: The July jobs report was a massive downside that surprised both markets and forecasters alike. The US labor market shed 23K jobs and the unemployment rate fell to 4.1%. But the July payrolls story does not mark a significant departure from our base case narrative.  Hiring is evidently less robust than previously anticipated – 60K jobs have been added over the past three months which marks a pronounced slowing from hires seen earlier this year. But with the unemployment rate ticking down to 4.1% as the labor force participation rate falls again to 61.4%, the story of labor market tightness is more pressing than ever, and breakeven employment continues to be exceptionally low. Looking at labor force participation rates by age is important: prime-age participation did not fall – in fact, it ticked up (to 83.4% from 83.3%). Labor force participation fell for both workers under 24 and workers aged 55 and older. And interestingly, the number of persons out of the...

The United States labour market lost 23,000 jobs in July, with major declines across several sectors, including education, government and retail trade.On Friday, the Bureau of Labor Statistics released its latest jobs report, which showed that the unemployment rate fell to 4.1 percent from 4.2 percent.Recommended Stories list of 4 itemsend of listPart of that dip, however, was driven by a decline in labour force participation, the percentage of people working or actively looking for work.Labour force participation fell to 61.4 percent, its lowest level in five years. Excluding the economic impacts of the COVID-19 pandemic, the labour force participation rate is at its lowest level in five decades.Some 264,000 people left the labour force, meaning they are no longer working or looking for work.The retail trade sector lost 19,000 jobs overall. Warehouse clubs and big-box retailers were hit the hardest, shedding 21,000 jobs, while petrol stations cut another 5,000. Those losses were partly offset by gains at stores selling more...

US employers unexpectedly cut jobs in July and hiring in the prior two months was revised lower, suggesting the labour market is weaker than previously thought after surprising strength earlier this year.Nonfarm payrolls decreased 23,000 last month following a combined 103,000 downward revision to the May and June figures, Bureau of Labor Statistics data showed. The unemployment rate fell to 4.1 per cent as labour force participation continued to slide, and wage growth slowed.Loading...Bloomberg Source link...

The U.S. economy shed 23,000 jobs in July, a sign that the labor market had not stabilized after four months of positive growth.The unemployment rate ticked down only slightly to 4.1%.Economists surveyed by Dow Jones were expecting the release to show 83,000 added roles, more than June’s 57,000. In yet another troubling sign for the labor market, the Bureau of Labor Statistics said that it revised down the prior two months by a combined 103,000. May’s jobs total was cut by 66,000 to 129,000 total jobs added, while June’s total was lowered by 37,000 to a total gain of 57,000.The hiring data comes against a complicated economic backdrop. The U.S. war with Iran continues without any kind of agreement to fully reopen the Strait of Hormuz. As a result, energy prices remain elevated, even if they are off their highest levels of the year. The change in workers’ average hourly earnings also fell well short of economists’ expectations. Wage growth...