United States · Business news · Economy · 07 Aug 2026
US Consumer Discretionary Financials Health Care
Employers cut 23,000 jobs in July against forecasts for an 80,000 gain, although the unemployment rate dipped to 4.1%. Payrolls for May and June were revised down by a combined 103,000. Private employers added only 30,000 jobs while government payrolls fell by 53,000. Retail lost 19,400 jobs and financial activities 14,000, while health care added 22,000.
A shrinking payroll count alongside inflation above 3% sharpened the Fed's dilemma between supporting jobs and containing prices. Weaker hiring hits consumer-facing retailers and restaurants through slower income growth, and job losses at lenders and insurers point to strain in financial services. The report was a key input ahead of the Fed's September meeting, where rate-sensitive sectors had the most at stake.
Reported by Fox Business — “US economy unexpectedly shed jobs in July” ↗ on 07 Aug 2026.
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