Iran War Energy Costs Hurt U.S. Job Market as Employers Cut 23,000 Jobs

U.S. employers unexpectedly cut 23,000 jobs in July, while unemployment fell to 4.1% only because workers left the labor force, marking a sharp reversal and political setback for President Trump. Forecasters had expected nearly 100,000 new jobs; revised figures cut 103,000 from May and June. Schools, restaurants and retailers led losses, while construction and factories added jobs, which the White House cited as progress. The losses contrast with a rebound from last year’s weak hiring, strained by Iran war energy costs. Economists call the market “no hire, no fire,” with fewer available workers and rising productivity limiting job growth.