Dow Jones Edges Higher on Soft Jobs Data

The Dow Jones Industrial Average rose modestly in early trading on August 7, after a weaker-than-expected July employment report showed the U.S. economy unexpectedly shed jobs.

The Labor Department reported that nonfarm payrolls declined by 23,000 in July, well below economists' forecasts of an 80,000-job increase. The unemployment rate edged down to 4.1 percent.

This soft reading contrasted with recent months of relatively steady hiring and arrived at a moment when markets have been closely monitoring inflation pressures, corporate earnings, and geopolitical developments for clues on the Federal Reserve's next steps.