U.S. economy lost 23,000 jobs in July, new report shows
A report released by the Labor Department on Friday showed a loss of 23,000 jobs last month, with many discouraged job seekers leaving the labor force. Kelly O'Grady reports.
The US economy lost 23,000 jobs in July. According to the US Bureau of Labor Statistics, the unemployment rate dipped slightly to 4.1 percent. This was unexpected, as economists had predicted the addition of 83,000 jobs and a steady jobless rate of 4.2 percent.
The job loss was a blow to US President Donald Trump's claims of leading an economic revival, particularly with his Republican Party gearing up for crucial midterm elections. The figures mark a sharp reversal for the American labor market.
Some reports noted that many discouraged job seekers left the labor force. Meanwhile, Canada's economy added 75,000 jobs in July, pushing its unemployment rate to a two-year low of 6.4 percent, according to Punch Nigeria.
Brief written by urgent.news from CBS News, Punch Nigeria, Le Monde English, South China Morning Post, The Hill — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- US unexpectedly loses jobs in July, in blow to Trump’s economy claims scmp.com
- Canada adds 75,000 jobs in July as unemployment falls to two-year low punchng.com
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