U.S. Economy Loses 23,000 Jobs in July

An article on CNN.com

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% as more people left the labor force.

July’s job gains marked a sharp slowdown from June’s total, which was downwardly revised to 20,000 from 57,000. Following revisions, the jobs created in May were essentially halved, dropping to 66,000 from 129,000. Workers’ pay gains slowed to a five-year low.

The July report fell far short of economists’ expectations for a 95,000-job gain.

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