The U.S. economy loses 23,000 jobs in July, according to data released by the Bureau of Labor Statistics (BLS). The report shows the unemployment rate falls slightly to 4.1% from 4.2%. Consensus estimates cited by both outlets expected employers to add jobs in July—around 83,000 or 80,000—so the result comes in weaker than forecast. The job loss follows relatively weak employment figures in June, and the July report is also accompanied by revisions to hiring over the prior two months. Bloomberg notes that employers cut jobs unexpectedly in July and that hiring over the previous two months is revised lower, while The Hill similarly points to weaker jobs performance around this period. Overall, both accounts agree on the direction of the changes—job losses in July and a modest decline in unemployment—while emphasizing that the outcome is below expectations and includes downward revisions to earlier hiring figures.
U.S. economy loses 23,000 jobs in July as unemployment rate edges down
The U.S. economy loses 23,000 jobs in July, according to data released by the Bureau of Labor Statistics (BLS). The report shows the unemployment rate falls slightly to 4.1% from 4.2%. Consensus estim...
- The U.S. loses 23,000 jobs in July, based on Bureau of Labor Statistics data.
- The unemployment rate falls to 4.1% from 4.2%.
- Economists expected job growth (about 80,000–83,000 jobs) rather than job losses.
- Hiring over the previous two months is revised lower, according to Bloomberg.
- The July outcome follows weaker jobs numbers in June, as described by the outlets.
US employers unexpectedly cut jobs in July and hiring over the previous two months was revised lower. 23,000 jobs were lost, the estimate was for a gain of 80,000 jobs. The unemployment rate fell to 4.1% from 4.2%. Bloomberg's Michael McKee reports. (Source: Bloomberg)
2 hours agoThe 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 June, in which the U.S. workforce initially saw...
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