The U.S. labor market just took a surprising hit, shedding 23,000 jobs in July—on top of downward revisions totaling 103,000 from the prior two months. With elections looming and economic momentum questioned, analysts are scrambling to make sense of the slowdown, especially after March’s peak. Retail, education, and finance all posted losses, while healthcare bucked the trend thanks to an aging population. Unemployment remains steady at 4.1%, but shrinking labor supply may be masking deeper issues. The Fed is watching closely as this data reshapes the economic narrative ahead of midterms.
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