U.S. economy sheds 23,000 jobs in July, ending four months of gains

The U.S. economy shed 23,000 jobs in July, reversing four months of gains and signaling the labor market has not stabilized. Unemployment dipped to 4.1%, but economists had expected 83,000 new jobs. The Bureau of Labor Statistics revised May and June down by a combined 103,000, while wage growth slowed to 3.2% annually, below 3.5% inflation. The Iran war keeps energy prices high, with gasoline averaging $4.04 a gallon. Labor force participation hit its lowest since February 2021, and education, retail, and financial sectors shed jobs.