July's Jobs Report: A Canary in the Coal Mine for Economic Growth The Bureau of Labor Statistics' report on the US economy's performance in July came as a shock to many, showing an unexpected decline in nonfarm payrolls by 23,000.
This modest loss belies a more significant concern that the labor market is struggling to regain its footing. Local government education and retail jobs saw a sharp drop, accounting for over half of the losses.
When combined with the recent revision downward of May's job numbers, this decline suggests something is amiss in the economy.