The US labor force participation rate fell to 61.4% in July, its lowest level since early 2021, as approximately 264,000 workers left the labor force entirely. Nonfarm payrolls contracted by 23,000 jobs, missing expectations of an 80,000 gain. Prior month revisions shaved off a combined 103,000 jobs from previously reported figures. The unemployment rate technically improved to 4.1%, but economists point out this occurred because people stopped searching for work and are no longer counted as unemployed. Consumer-facing sectors such as retail trade and local government education were among the hardest hit.
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