US Payrolls Fall Short as Job Gains Revised Downward

The US nonfarm payrolls saw a decline of 23,000 in July, according to new Bureau of Labor Statistics data. This figure comes on the back of substantial downward revisions to previous months' job gains, with May and June payroll growth reduced by a combined 103,000 jobs.

The unemployment rate remained relatively stable at 4.1%, but average hourly earnings rose 3.2% from a year earlier, reaching $37.62. Local government education lost 50,000 jobs, while retail trade shed 19,000 positions.

Financial activities employment fell by 14,000 and is down 121,000 from its May 2025 peak. Labor force participation was at 61.4%, a decrease of 0.7 percentage point since January.