cross-posted from: https://piefed.world/c/economy/p/1320601/economy-loses-23100-jobs-in-july-as-wage-growth-slows-further

• The economy lost jobs in July, while unemployment fell to 4.1% largely because people left the labor force.
• Underlying job growth is very weak, with private-sector employment averaging just 40,000 jobs over the past three months.
• Wage growth slowed to 3.2%, below the 3.5% inflation rate, meaning workers are losing ground.
• Health care and social assistance remain the main source of job growth, while insurance employment has fallen by 81,000 jobs over the past year, possibly reflecting AI.
• The July job loss was likely distorted by seasonal adjustments in local government education, but the broader slowdown in jobs and wages points to a weakening labor market.