US Economy Loses 23,000 Jobs in July Despite Falling Unemployment Rate

The US economy experienced an unexpected setback in July, shedding 23,000 jobs according to the latest report from the Bureau of Labor Statistics. This is a sharp decline from forecasts which predicted an increase of 80,000 nonfarm payroll employment versus the 57,000 originally reported in June.

The unemployment rate fell to 4.1% in July from 4.2% in June, while average hourly wages rose by 2 cents or 0.1%, to $37.62.