Economy · 23,000 jobs lost · ArchiveU.S. Lost 23,000 Jobs in July After Forecast Called for 83,000 GainAired August 8, 2026 at 2:53 AM UTCWritten September 7, 2026 at 9:22 PM UTCRead the write-upThis storyTranscript · LOADING0:00The US economy lost 23,000 jobs in July0:03when economists had [music] forecast a0:04gain of about 83,000. The Bureau of0:07Labor Statistics reported via NBC News,0:09[music]0:10the first outright monthly decline in0:12the current slowdown. The gap between0:14what was expected and what was reported0:16was about 106,000 [music] jobs, turning0:19a predicted gain into an outright loss.0:21The Bureau also revised May and June0:23payroll gains down by a combined 103,0000:26[music]0:26jobs, erasing much of the spring hiring0:29that had kept averages positive,0:31according to NBC News [music] Chief0:32Business Correspondent Christine Romans.0:34That revision rewrites the recent0:36[music] trend, which now shows average0:38monthly job creation over the last 120:40months as only about [music] 34,000 per0:42the Bureau of Labor Statistics via0:44Romans. The unemployment rate fell to0:464.1% in July, but not because hiring0:48strengthened. [music]0:49Romans reports the drop reflects workers0:51exiting the labor force with0:53participation declining since January,0:55so fewer people are counted as looking0:57for work. In July, healthcare added0:59about 22,000 jobs below its recent1:01trend, while leisure and hospitality,1:04manufacturing, and professional and1:05business services lost jobs. For1:07families, pay is losing ground.1:09Year-over-year wage growth slowed to1:113.2% in July, below the overall1:14inflation rate, shrinking [music]1:15purchasing power per the Bureau of Labor1:17Statistics via Romans, who attributes1:19the squeeze directly to paychecks not1:21keeping up with prices. Growth is also1:23slowing. The economy is growing at only1:25about 1.5% [music] in the latest1:27quarter, per Investopedia1:29Editor-in-Chief Caleb Silver, who warns1:31that combined [music] higher inflation1:32and slowing growth risks stagflation,1:35where costs rise even as work dries up.1:37Analysts cited in reporting point to1:39tariffs [music] and the Iran conflict1:40raising energy prices, plus immigration1:42policy effects as pressures [music] on1:44hiring, though the direct scale remains1:46under analysis. The unresolved1:48consequence is whether a labor market1:50losing [music] jobs while wages lag1:52inflation and growth stalls at 1.5% tips1:55closer to stagflation.Explore with HeyDexThe shortThe short ↗