U.S. economy loses 23,000 jobs in July, as Trump-era economy continues to struggle
Expectations heading into this week showed projections of about 83,000 new jobs being created in the United States in July. As it turns out, according to the new report from the Bureau of Labor Statistics, the totals fell far short of those expectations. CNBC reported:
The U.S. economy saw an unexpected declined in jobs during July while the unemployment rate edged lower, the Bureau of Labor Statistics reported Friday in a snapshot that showed a slowing employment picture.
Nonfarm payrolls fell by a seasonally adjusted 23,000 for the month, compared to a downwardly revised 20,000 for June. The Dow Jones consensus forecast had been looking for a gain of 83,000.
The unemployment rate inched lower to 4.1%, which is still low by historical standards, though it’s still a little higher than it was when Donald Trump’s second term began.
Also discouraging were the revisions for May and June, which subtracted a combined 103,000 jobs from previous estimates.
All of this comes just one week after the Commerce Department issued its latest report on U.S. economic growth, which also showed weak and disappointing growth.
Earlier this week, the incumbent Republican president said that the United States currently has “the greatest economy maybe in the history of the world.”
Recommended
Steve Benen is a producer for “The Rachel Maddow Show,” the editor of MaddowBlog and an MS NOW political contributor. He’s also the bestselling author of “Ministry of Truth: Democracy, Reality, and the Republicans’ War on the Recent Past.”
Latest Post
