Economic Buzz: US nonfarm payrolls fall for first time since February 2026

The US economy shed jobs in July and nonfarm payrolls for the prior month were revised sharply lower, data out today showed. The US Nonfarm payrolls dropped by 23,000 jobs ⁠last month after a downwardly revised 20,000 rise in June, the Labor Department's Bureau of Labor Statistics said today. However, the unemployment rate eased to 4.1% from 4.2% in June as the labor force participation rate declined. Average earnings on an annual basis rose 3.2% in July. This is the first decline in nonfarm payrolls after February 2026 when the economy had lost 156000 jobs.

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