US employers cut 23,000 jobs in July as unemployment dips to 4.1%

US employers unexpectedly cut 23,000 jobs in July, with Labor Department revisions shaving 103,000 jobs off May and June payrolls. The unemployment rate dipped to 4.1%, but only because 264,000 Americans left the labor force, dropping participation to 61.4%, the lowest since February 2021. The decline marks a sharp reversal for the labor market and a political setback for President Trump ahead of midterm elections, amid the Iran conflict's impact on energy prices.