U.S. economy sheds 23,000 jobs in July, defying economist forecasts

Workers are experiencing wage gains offset by inflation, and reduced job opportunities particularly affect young people and those seeking employment.

Each month, the jobs report arrives like a letter from the economy — and July's letter carried unexpected news. Where forecasters had anticipated growth, the American labor market instead contracted, shedding 23,000 positions and quietly revising away tens of thousands more from months prior. The unemployment rate fell, but not as a sign of vitality — rather, workers stepped back from the search itself, a quieter form of discouragement that statistics can obscure. In this moment of stagnation, the nation finds itself asking not only where the jobs went, but whether the prosperity of recent yea

U.S. economy sheds 23,000 jobs in July, defying economist forecasts

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