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Instant Reaction: Employers Unexpectedly Shed Jobs; Unemployment Rate Falls
Published 4 weeks, 2 days ago
Description
US employers unexpectedly cut jobs in July and hiring in the prior two months was revised lower, suggesting the labor market is weaker than previously thought after surprising strength earlier this year.
Nonfarm payrolls decreased 23,000 last month following a combined 103,000 downward revision to the May and June figures, Bureau of Labor Statistics data showed Friday. The unemployment rate fell to 4.1% as labor force participation continued to slide, and wage growth slowed.
Bloomberg's Tom Keene and Damian Sassower break down the numbers with:
- Claudia Sahm, Chief Economist at New Century Advisors
- Constance Hunter, Chief Economist at EIU
- Kristina Campmany, Senior Portfolio Manager at Invesco
- Andrew Hollenhorst, Chief US Economist at Citi
Stephanie Roth, Wolfe Research Chief Economist
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