July nonfarm payrolls fell 23K, the first decline since 2020, sharply below the 80K consensus estimate.
US nonfarm payrolls dropped by 23K in July, the Bureau of Labor Statistics reported, marking the first contraction since April 2020. The figure missed the 80K gain expected by economists and followed a revised 20K increase in June, originally reported as 57K.
Analysts had anticipated a rebound after June’s weak print, with forecasts centering on 80K new jobs. The July decline contrasts with the 12-month average gain of 170K, signaling a sharp slowdown in labor market momentum.
Markets are likely to weigh the data against Federal Reserve policy expectations, with weaker jobs figures potentially supporting rate cut bets.