A Surprising Show of Economic Weakness: 23,000 Jobs Lost in July

Hiring fell unexpectedly in July as U.S. employers shed 23,000 jobs, a surprising show of weakness in an economy battered by tariffs, elevated inflation and the ongoing war in Iran.

The unemployment rate ticked down to 4.1 last month, continuing a years-long streak of low joblessness, according to Labor Department data released Friday morning. But the decline was largely due to workers exiting the job market: The share of Americans working or looking for work fell again in July to the lowest level since February 2021, during the pandemic.

Job gains from June and May also were revised down by a combined 103,000, suggesting that the labor market has been weaker than previously thought. For July, forecasters had expected gains of about 80,000 jobs, but the war, high inflation, tariffs, immigration restrictions and advancements in artificial intelligence may be taking a toll.

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