US Labor Market Contracts as Nonfarm Payrolls Fall Unexpectedly

The US labor market unexpectedly contracted in July, with nonfarm payrolls posting their first monthly decline in years.

A seasonally adjusted 23,000 jobs were lost during the month, following a downwardly revised decline of 20,000 jobs in June. Economists had expected employers to add 83,000 jobs during the month.

The report also included sharp downward revisions to previous data, with payroll gains for May and June revised lower by a combined 103,000 jobs.