US misplaced 23K jobs in July in disappointing report

The labor market revealed a stunning loss of jobs in July – a disappointing report ahead of the November midterms that may additional complicate the Fed’s view of rates of interest.

US employers misplaced 23,000 jobs in July – far below estimates that the economic system would add more than 80,000 jobs, the Bureau of Labor Statistics said Friday.

The unemployment fee, however, ticked down to 4.1% from 4.2% the earlier month.

US employers misplaced 23,000 jobs in July. BreizhAtao – stock.adobe.com

June’s already slow jobs report was also revised downward, together with May – a mixed 103,000 decrease than beforehand reported.

But stock futures rose after the report as merchants hoped the weaker-than-expected job market would hold the Fed from mountain climbing rates of interest anytime soon.

“Friday’s jobs report was not just much weaker-than-expected, it showed that the economy shed jobs during July, which puts the Federal Reserve in a conundrum, since inflation is still elevated and sticky,” Brent Wilsey, chief investment officer at Wilsey Asset Management, said in a notice Friday.

“While one weak jobs report is not likely to dictate Federal Reserve policy, we think the central bank will maintain its wait and see approach on interest rates, and allow more time to pass to examine incoming economic data.”

This is a developing story. Please test back for updates.

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