US Labor Market Loses 23K Jobs in July, Weighs on Fed Interest Rate Hikes

The US labor market has reported a surprising loss of jobs in July, exceeding initial expectations. According to the Bureau of Labor Statistics, employers lost 23,000 jobs in July, far below estimates that the economy would add more than 80,000 jobs.

The unemployment rate did decline slightly to 4.1% from 4.2% in the previous month, but this may not be enough to offset the disappointing job market numbers.

June's already slow jobs report was also revised downward, along with May, a combined loss of 103,000 lower than previously reported. Despite this, stock futures rose after the report as traders hoped the weaker-than-expected job market would keep the Federal Reserve from hiking interest rates anytime soon.