The US economy lost 23,000 jobs in July, according to the latest nonfarm payroll report. This unexpected decline surprised economists, who had forecast a rise of around 80,000 jobs.
Employment declines and gains
The US Bureau of Labor Statistics reported that employment fell in local government education and retail trade, but continued to increase in health care, which has been a steady source of job growth.
Unemployment rate dips
Despite the job losses, the unemployment rate dipped to 4.1% in July, down from 4.2% the previous month. This suggests some workers may have dropped out of the labor force.
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