The US labour market shed 23,000 jobs in July, with significant declines in the education, government and retail sectors alongside a slump in labour force participation, according to Al Jazeera.
Key facts
- The US labour market lost 23,000 jobs in July, according to Al Jazeera.
- Education, government and retail were among the sectors recording significant declines.
- Labour force participation slumped during the month.
- The figures were reported by Al Jazeera.
The US labour market lost 23,000 jobs in July, according to Al Jazeera, as several major sectors recorded significant declines.
The losses were concentrated in the education, government and retail sectors, which each saw notable drops during the month, according to the report.
Alongside the job losses, labour force participation slumped in July. The measure reflects the share of working-age people who are either employed or actively looking for work.
A decline in labour force participation can indicate that some people have stopped searching for work, which can affect how the wider health of the jobs market is assessed.
Why it matters
Monthly jobs figures are a closely watched gauge of the health of the world's largest economy, shaping decisions on interest rates and household confidence. A drop in employment combined with weaker labour force participation can signal a cooling labour market that affects workers, businesses and policymakers alike.
Frequently asked questions
How many jobs did the US lose in July?
According to Al Jazeera, the US labour market lost 23,000 jobs in July.
Which sectors saw the biggest declines?
Education, government and retail were the sectors that recorded significant declines in July, according to the report.
What happened to labour force participation?
Labour force participation slumped in July, according to Al Jazeera, alongside the loss of jobs.