The U.S. economy shed jobs in July even while the unemployment rate fell.
Payrolls across the American economy contracted by 23,000 jobs in July and the unemployment rate ticked down to 4.1 percent. The public sector’s payrolls fell sharply, and the services sector hiring was soft, with a large contraction in retail and leisure. The goods-producing side of the economy, however, saw a solid expansion, with both construction and durable goods manufacturing expanding at a rapid pace.
Economists had forecast the economy would add 88,000 jobs and predicted the unemployment rate would hold steady at 4.2 percent. None of the economists surveyed by Econoday predicted a negative figure for the...
Read the full article here