US jobs fall by 23,000 in July, surprising analysts

The US economy shed 23,000 jobs in July, a surprise decline that contradicts analyst expectations of an 80,000 increase. The Bureau of Labor Statistics also revised down May and June job growth by 103,000, signaling a sluggish summer. The weaker data may ease pressure on the Federal Reserve to raise interest rates next month, despite inflation running at 3.5%. Unemployment dipped to 4.1%, and average hourly earnings rose 3.2% year-over-year.