The US economy shed 23,000 non-farm payroll jobs in July, the Bureau of Labor Statistics reported, a sharp miss against economists' consensus forecast of an 80,000 gain. The unemployment rate edged down to 4.1%, partly reflecting a drop in labor force participation to 61.4%. Average hourly earnings rose just 0.1% month-over-month and 3.2% year-over-year, both below estimates. June payrolls were revised down to 20,000 from the previously reported 57,000, resulting in a two-month net revision of minus 103,000. Manufacturing added 5,000 jobs, above the 4,000 expected, while local government education lost 50,000, retail shed 19,000, and financial activities declined by 14,000; healthcare continued to expand, adding 22,000.
Automatic Data Processing IncWeak jobs report signals softer labor market, potentially reducing demand for ADP's payroll services.
