July payrolls fell by 23K, missing forecasts, while May and June figures were revised sharply lower.
The US Dollar dropped to a seven-week low after July nonfarm payrolls declined by 23K, defying expectations for a gain. The report marked the first negative print since 2020, signaling unexpected labor market weakness.
May payrolls were revised down from 129K to 63K, and June’s figure was cut from 57K to an unconfirmed lower total. Economists had anticipated a modest increase of around 175K for July, making the decline a notable miss.
The data reinforced concerns about a slowing economy, though market reaction was muted as traders awaited further signals on Federal Reserve policy.