U.S. public schools shed nearly 50,000 jobs in July

The U.S. economy lost 23,000 jobs in July, far below forecasts, as local public schools cut nearly 50,000 positions amid budget strain. Economists say seasonal adjustment may have amplified the decline, not permanent layoffs. Pandemic-era federal aid has expired, enrollment is falling, and leaders in seven of the ten largest districts have weighed staff reductions. Restaurants and retailers also cut jobs, though private employers added 30,000. Unemployment fell to 4.1%, but only because 264,000 people left the workforce.