US Jobs Report: 23K Jobs Lost in July, Unemployment Rate Ticks Down

The US employment report for July revealed a significant decline in job numbers, surpassing expectations. According to the report, nonfarm payroll employment shed 23,000 jobs in July, falling below the forecast of adding 85,000 jobs.

This figure represents a sharp contrast to June's 20,000 gain and indicates that the labor market is experiencing a slowdown. The unemployment rate, however, ticked down to 4.1% in July, while the U6 unemployment rate dropped to 7.9%. The labor force participation rate stands at 61.4%, reaching its lowest level since early 2021.