July Jobs Shock: US Lost 23K Workers, Below Lowest Estimate, As Unemp Rate Drops To 4.1%
Ahead of today’s jobs report, in our payrolls preview we warned that “July Has Emerged As A Very Poor Month For Jobs” and boy were we right: moments ago the BLS reported that in July, the US labor force shrank by a whopping 23K, sharply lower from a downward revised 20K in June (from 57K), and the worst print since the negative 156K in February.
As noted above, the -23K print was below all estimates…
… and was a 5-sigma miss to estimates…
… as the 80K median estimate was missed by more than 100K.
And here come the Biden admin tricks of massive prior revisions: the change in total nonfarm payroll employment for May was revised down by 66,000, from +129,000 to +63,000, and the change for June was revised down by 37,000, from +57,000 to +20,000. With these revisions, employment in May and June combined is 103,000 lower than previously reported
Yet despite the dismal Establishment Survey print, the unemployment rate actually declined from 4.2% to 4.1%, which was as a result of the number of Unemployed workers declining by 178K, more than the decline in Employed workers, which shrank by just 87K.
Among the major worker groups, the unemployment rates for teenagers (12.1%) and people who are Hispanic (4.6%) declined in July. The jobless rates for adult men (3.9 percent), adult women (3.7 percent), and people who are White (3.6 percent), Black (6.3 percent), or Asian (4.0 percent) showed little change over the month.
Part and parcel with the sudden chill in the labor market was the big miss in average hourly earnings, which rose just 0.1% MoM (below estimates of 0.3% and below last month’s 0.3% increase), which in turn translated into a 3.2% annual increase, also far below the 3.5% median estimate.
Developing.
Tyler Durden Fri, 08/07/2026 – 08:49
Source: https://freedombunker.com/2026/08/07/july-jobs-shock-us-lost-23k-workers-below-lowest-estimate-as-unemp-rate-drops-to-4-1/
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