US Jobs Report Shows Another Disappointing Result: Nonfarm Payrolls Down 23,000

The latest jobs report from the Bureau of Labor Statistics (BLS) showed another disappointing result. Nonfarm payrolls decreased by 23,000 in July, and employment levels fell by 87,000. This follows a decline of over half a million in June.

According to the 'experimental' data series, which corrects for population adjustments, the economy shed 126,000 jobs compared to the initial June report. The unemployment rate decreased due to 264,000 people leaving the labor force, a trend that continued from June where 704,000 left.

The BLS notes that official establishment survey estimates are not updated based on preliminary benchmark revisions, which is why the 'experimental' data series is used for analysis. This report was another disaster, and all standard year-over-year household data comparisons are considered nonsense due to cumulative months of bad data every month for a full year.