U.S. Payrolls Fell 23,000 in July — First Drop in Months

U.S. payrolls fell 23,000 in July 2026, the Bureau of Labor Statistics reported August 7 — the first outright contraction in months. The unemployment rate held at 4.1 percent, suggesting hiring is slowing rather than layoffs surging. With May payrolls revised down 74,000 and June job openings falling, the trend matters more than any single month for Fed rate-cut expectations.