Morningstar

US Economy Sheds 23,000 Jobs in July, Sharply Below Forecasts

Nonfarm payroll employment had been forecast to show an increase of 80,000 jobs.

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The US economy unexpectedly lost 23,000 jobs in July, according to the latest report from the Bureau of Labor Statistics. The unemployment rate fell to 4.1% in July from 4.2% in June.

Nonfarm payroll employment was forecast to increase 80,000 vs. an increase of 57,000 originally reported in June, according to FactSet. That June gain has since been revised down to 20,000. Meanwhile, the unemployment rate had been forecast to remain steady at 4.2%.

July Jobs Report Key Stats

  • Total nonfarm payrolls fell by 23,000 after rising by 20,000 in June.
  • The unemployment rate fell to 4.1% in July from 4.2% in June.
  • In July, average hourly wages rose by 2 cents, or 0.1%, to $37.62.

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