US Economy Sheds 23,000 Jobs in July, Confounding Forecasts of 80,000 Gain

3-line summary

• The US economy unexpectedly shed 23,000 jobs in July, compared with analyst forecasts of an 80,000 increase, according to a BBC report citing Bureau of Labor Statistics data.
• The declines were driven by cuts in local government education and retail roles, and the BLS also revised down May and June job additions by a combined 103,000, according to the report.
• The unemployment rate held steady at 4.1%, and the weak data raises questions over the Federal Reserve's interest-rate decision next month, according to the report.

This summary is our own processing of the source article; see the source link below for full context.