July nonfarm payrolls dropped 23K against an 80K gain forecast, signaling unexpected labor-market weakness.
US nonfarm payrolls fell by 23K in July, the Bureau of Labor Statistics reported, missing the 80K increase expected by economists. The decline follows a revised 20K gain in June, originally reported as 57K.
Analysts had anticipated a rebound after June’s modest rise, but July’s contraction marks the first negative print since late 2020. The unemployment rate and wage growth data are due later in the session.
Markets are digesting the surprise drop as a potential signal of cooling economic momentum.