The US economy unexpectedly lost 23,000 jobs in July, while the unemployment rate decreased slightly. The US Bureau of Labor Statistics reported this on Friday, releasing a report indicating a slowdown in the labor market.
The number of nonfarm payrolls decreased by 23,000 over the month, accounting for seasonal fluctuations. For comparison, the June figure was revised to 20,000. Meanwhile, analysts polled by Dow Jones had expected an increase in employment by 83,000 jobs.
Unemployment decreased, but labor force participation declined
Meanwhile, the unemployment rate fell to 4.1%. At the same time, the labor force participation rate decreased to 61.4%, the lowest figure in over five years.
Source: CNBC
