U.S. Non-Farm Employment Decreased by 23,000 in July, Unemployment Rate at 4.1%

U.S. non-farm employment decreased by 23,000 in July, signaling a slowdown in the labor market. This figure fell significantly short of the market expectation of an increase of 85,000. The unemployment rate slightly dropped from 4.2% to 4.1%, but the decline in employment in local government education and retail sectors made the weakness in the job market more pronounced. The U.S. Bureau of Labor Statistics (BLS) reported on the 7th that non-farm employment in July decreased by 23,000 compared to the previous month. This result is below the monthly average increase of 34,000 over the past 12 months. The number of unemployed persons remained stable at 6.9 million, with the labor force participation rate at 61.4% and the employment rate at 58.9%, showing little change from the previous month. The education sector in local government recorded the largest employment decline with a drop of 50,000, while retail also saw a decrease of 19,000. Employment in the finance sector fell by 14,000. In contrast, the healthcare sector maintained its growth with an increase of 22,000 jobs. The average hourly wage for private non-farm workers rose by $0.02 to $37.62 compared to the previous month. The Bureau of Labor Statistics has revised down the non-farm employment figures for May and June. The next employment report is scheduled to be released on September 4.

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