U.S. Employers Cut 23,000 Jobs in July; Unemployment Holds at 4.1 Percent
Economists had expected a gain of about 80,000. Earlier months were revised down, and wage growth slowed to 3.2 percent a year.
Total nonfarm payroll employment fell by 23,000 in July and the unemployment rate was 4.1 percent, both little changed, the Bureau of Labor Statistics said Friday, August 7. Forecasters had expected a gain of roughly 80,000. About 6.9 million people were unemployed.
The report also revised earlier months: May's job gain was lowered by 66,000, to 63,000. Average hourly earnings rose 0.1 percent in July and 3.2 percent from a year earlier, slower than the 3.5 percent rise in consumer prices over the year to June. Manufacturing added about 30,000 jobs and health care continued modest gains. The Federal Reserve's next rate decision is September 16.
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