US Nonfarm Payrolls Sink 23,000 in July Amid Revisions

The US nonfarm payrolls declined by 23,000 in July, with the unemployment rate remaining unchanged at 4.1%. This follows substantial downward revisions to previous months' data, where May and June payroll growth were reduced by a combined 103,000 jobs.

Average hourly earnings rose 3.2% from a year earlier, while labor force participation decreased to 61.4%, down 0.7 percentage point since January.

The decline in July payrolls was significant, with May payroll growth revised from 129,000 to 63,000 and June revised from 57,000 to 20,000.