economy
US Unexpectedly Lost 23,000 Jobs in July as Slump in Growth Continues
Estimates for previous two months were revised down sharply but unemployment rate held steady at 4.1%
TL;DR
- US employers lost 23,000 jobs in July, contrary to expectations.
- Job gains for May and June were revised down by a combined 103,000.
- The unemployment rate held steady at 4.1%.
- Job losses were concentrated in local government education and retail.
- The private sector gained 30,000 jobs, primarily in healthcare.
- Hourly earnings increased by 3.2% compared to the previous year.
- Job openings decreased in June.
- Layoffs in July were at their lowest in two years.
- Consumer spending increased, but the personal savings rate hit a four-year low.
- Immigration slowdown is contributing to slow labor force growth.
- The Federal Reserve is divided on whether to raise interest rates, with upcoming inflation data being crucial.
- Democrats criticized Donald Trump's economic agenda following the report.