US loses 23K jobs in July, unemployment dips slightly

The 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 just 57,000 new roles added, well below the 110,000 that experts anticipated.  

Both the May and June jobs reports, however, were revised lower Friday by a combined 103,000. The updated numbers now show employers adding just 20,000 jobs last month, while the prior month’s job gains were reduced from 129,000 to 63,000.

“This morning’s report is a game changer in the sense that all of the recent focus has been on inflation and this report highlights the risks that are embedded in the labor market as well,” Chris Zaccarelli, chief investment officer for Northlight Asset Management, said in a statement.

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