July Nonfarm Payrolls Plummet by 23K

The latest US nonfarm payrolls data released by the U.S. Bureau of Labor Statistics on Friday showed a significant decline in July, missing consensus expectations.

The data revealed that nonfarm payrolls decreased by 23K in July, which is a contraction from the previous month's revised increase of 20K. This figure is far lower than the +88K consensus estimate and even lower than the prior June revision of +57K to +20K.

The July reversal in jobs growth was particularly jarring, especially given the strong expectations leading up to the release. The contraction in nonfarm payrolls may have significant implications for the US economy and its trajectory going forward.