U.S. lost 23,000 jobs in July as hiring stalls

The U.S. economy unexpectedly lost 23,000 jobs in July, signaling a stalled labor market and raising concerns about broader economic weakness. The surprising decline pressures Federal Reserve policy decisions. Economists had forecast a gain of 83,000 jobs. May and June job growth were revised sharply lower, to 63,000 and 20,000 respectively. Healthcare added 22,000 jobs, but below its recent trend. Average monthly job growth has slowed to 34,000. Labor force participation continues falling, especially among prime-age workers, due to early retirements and fewer immigrants. The Fed faces a conundrum with inflation still elevated.