U.S. payrolls fell by 23,000 in July versus consensus for an 80,000 gain; June payrolls were revised down to a 20,000 increase. The unemployment rate unexpectedly dropped to 4.1% from 4.2%. The softer jobs print raises labour-market concerns and complicates Federal Reserve policy, forcing a trade-off between weakening employment and persistent inflation.

2026-08-07

U.S. payrolls fell by 23,000 in July versus consensus for an 80,000 gain; June payrolls were revised down to a 20,000 increase. The unemployment rate unexpectedly dropped to 4.1% from 4.2%. The softer jobs print raises labour-market concerns and complicates Federal Reserve policy, forcing a trade-off between weakening employment and persistent inflation.