The US economy unexpectedly lost 23,000 jobs last month
By Alicia Wallace, CNN
(CNN) — A summer hiring slump dogged the US labor market in July as the economy unexpectedly lost 23,000 jobs, according to new data released Friday by the Bureau of Labor Statistics.
The unemployment rate dropped to 4.1% from 4.2%.
July’s job gains marked a sharp slowdown from June’s downwardly revised 20,000 total and fell far short of economists’ expectations for a 95,000-job gain.
Friday’s report adds to signs that employers are becoming more cautious about hiring as they navigate growing headwinds, which include an aging population, the rapid adoption of AI, higher oil prices, policy uncertainty and the war with Iran.
This story is developing and will be updated.
The-CNN-Wire
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