U.S. economy lost 23,000 jobs in July; prior months revised down and wage growth was 3.2%

What happened?

1. The unemployment rate fell to 4.1% from 4.2%. Labor force participation fell to 61.4%, its lowest level in over five years.
2. Average hourly earnings rose just 3.2% year-over-year, the smallest increase since May 2021, and were nearly flat for the month.

The U.S. economy lost 23,000 jobs in July, prior months were revised downward, and wage growth was 3.2%, the slowest since 2021.

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