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Minus 23,000 instead of plus 90,000: US labor market unexpectedly goes negative
Nonfarm payrolls in the US fell by
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Nonfarm payrolls in the US fell by 23,000 in July, while economists had been expecting an increase in the 83,000–97,500 range, according to Bureau of Labor Statistics data. The unemployment rate dipped to 4.1% versus the 4.2% that had been expected, and the number of unemployed stood at 6.9 million, little changed both month?over?month and year?over?year. The result was worse even than the most pessimistic bank forecasts, whose lower bound was 65,000, making July's report one of the most notable disappointments in recent months. Even more significant
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Jakub Novak,
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