According to the US Bureau of Labor Statistics (BLS), nonfarm payroll employment declined by 23,000 jobs in July, while the unemployment rate held steady at 4.1%, indicating a labor market that was largely unchanged. Job losses were concentrated in local government education (-50,000), retail trade (-19,000), and financial activities (-14,000), while health care added 22,000 jobs.

Average hourly earnings were little changed in July but were 3.2% higher than a year earlier, and the average workweek remained at 34.3 hours. The BLS also revised employment gains for May and June downward by a combined 103,000 jobs, suggesting the labor market was weaker than previously estimated.

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