What the July jobs report reveals about the strength of the economy
New labor data shows the U.S. economy lost 23,000 jobs in July, when economists had predicted modest growth. Revised numbers for May and June also show 103,000 fewer jobs created than originally reported. The unemployment rate ticked down, from 4.2% to 4.1%, a function of fewer people seeking jobs. Amna Nawaz discussed the numbers with Heather Long, chief economist with Navy Federal Credit Union.
New labor data indicates the United States economy lost 23,000 jobs in July, contrary to predictions of modest growth. Economists had anticipated revised figures for May and June showed 103,000 fewer jobs created than initially reported. The unemployment rate declined from 4.2% to 4.1%, largely due to fewer individuals actively seeking employment. Analyst Heather Long, Chief Economist at Navy Federal Credit Union, discussed these figures with Amna Nawaz, discussing the implications of the weak labor market.
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