U.S. economy lost 23,000 jobs in July, new report shows

A report released by the Labor Department on Friday showed a loss of 23,000 jobs last month, with many discouraged job seekers leaving the labor force. Kelly O'Grady reports.

The figures mark a sharp reversal for the American labor market and a political setback for President Donald Trump, less than three months before his Republican party seeks to keep full control of Congress in the midterm election.

The figures mark a sharp reversal for the American labor market and a political setback for President Donald Trump, less than three months before his Republican party seeks to keep full control of Congress in the midterm election.

U.S. employers unexpectedly cut jobs in July, according to data released Friday by the Bureau of Labor Statistics.

Nonfarm payrolls were projected to increase by 83,000 in July while the unemployment rate held steady at 4.2%, according to the Dow Jones consensus.

The economy lost 23,000 payroll jobs in July, the Bureau of Labor Statistics reported Friday, as businesses contended with the ongoing energy supply shock from the war with Iran. Forecasters had expected payroll job growth to be 88,000, adjusted for seasonal variations, so the report was a major miss and a bad sign for

The U.S. economy shed 23,000 jobs in July, a sign that the labor market had not stabilized after four months of positive growth.