US loses 23k jobs in July, unemployment dips slightly
The U.S. economy lost 23,000 jobs in July, and the unemployment rate dipped slightly to 4.1 percent, according to new data released Friday by the Bureau of Labor Statistics (BLS). Economists had expected American employers to add 83,000 jobs and the jobless rate to hold steady at 4.2 percent last month, according to consensus estimates. This comes on the heels of relatively weak jobs numbers in…
The US economy lost 23,000 jobs in July. According to The Hill, this was contrary to expectations that 83,000 jobs would be added. CBS News reported that economists polled by FactSet had forecast 95,000 jobs to be added.
The unemployment rate dipped slightly to 4.1 percent, down from 4.2 percent in June, as reported by CBS News. This decrease was largely due to slower labor force growth, with fewer people entering or remaining in the workforce. The labor force participation rate fell to 61.4 percent in July, its lowest level since February 2021.
Jobs were lost in local government education and retail, with 50,000 and 19,000 jobs lost respectively, according to CBS News. The Labor Department also revised down the May and June jobs numbers by a combined 103,000.
Brief written by urgent.news from The Hill, CBS News, Associated Press — 3 reports on this story. Machine-written — read the original for the full account.
We haven't written up this one. The Hill has the full story — the link below goes straight to it.
This story
This is one outlet's version. Read the fullest account.