US jobs unexpectedly fall by 23,000 in July as slow summer continues
US employment unexpectedly fell by 23,000 jobs in July, confounding analyst forecasts of a modest increase. The data underscores a labour market that has been losing momentum through a slow summer.
US employment fell by 23,000 jobs in July, according to newly released Labor Department data, confounding analysts who had forecast a modest gain for the month.
The surprise decline crystallizes a labour market narrative that has been losing steam through the summer. Economists say the weak reading adds pressure on the Federal Reserve as it weighs its next move on interest rates.
The report reignited market debate over how quickly the US economy is cooling. Investors will be watching upcoming employment and inflation data closely for signs of the central bank's next steps.
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