U.S. Economy Sheds 23,000 Jobs in July as Unemployment Rate Edges Down to 4.1%

The July employment report showed an unexpected loss of 23,000 jobs even as the unemployment rate declined slightly from 4.2% in June to 4.1%.

By yourNEWS Media Newsroom

The U.S. economy lost 23,000 jobs in July, falling well short of forecasts that had projected employment gains for the month and marking a weaker-than-expected showing in the latest federal labor report.

Economists had anticipated significantly stronger hiring, with estimates for July reaching as high as 83,000 new jobs, according to CNBC. Instead, the federal government reported Friday that total employment declined by 23,000 during the month.

Despite the job losses, the national unemployment rate moved slightly lower. The rate fell to 4.1% in July from 4.2% in June, according to the Bureau of Labor Statistics.

The combination of falling payroll employment and a modest decline in the unemployment rate produced a mixed picture for the labor market, with July hiring coming in substantially below expectations even as the headline unemployment measure improved slightly.