Arabic version: تراجع الوظائف غير الزراعية الأمريكية بمقدار 23 ألفًا في يوليو

According to Cnbc, U.S. nonfarm payrolls fell by a seasonally adjusted 23,000 in July, an unexpected decline that followed a downwardly revised 20,000 decrease in June. The Dow Jones consensus forecast had called for an 83,000-job gain. May’s final payroll count was revised down to 63,000, or 66,000 below the previous estimate, bringing the 12-month average to 34,000.

Government employment declined by 53,000, while private payrolls rose by 30,000. The report cited a 50,000 drop in local government education jobs. Retail lost 19,000 positions, financial activities fell by 14,000, and leisure and hospitality declined by 40,000. Healthcare added 22,000 jobs, below its 12-month average gain of 36,000, while construction also added 22,000.

The unemployment rate edged down to 4.1%, but the labor force participation rate fell to 61.4%, its lowest level in more than five years. Household employment declined by 87,000, while the labor force shrank by 264,000. The employment-to-population ratio slipped to 58.9%, its lowest since May 2014. An alternative jobless measure including discouraged workers and people working part time for economic reasons was unchanged at 7.9%.

Average hourly earnings increased by 2 cents in July. The 12-month increase slowed to 3.2%, below the forecast 3.5% rise and the lowest reading since May 2021. Following the report, traders reduced expectations for a Federal Reserve rate increase, with CME Group FedWatch odds for a September move falling to 44% and October odds at 58.3%. Stock futures gained and Treasury yields fell.