The American economy unexpectedly shed jobs in July — the first monthly decline of the year — catching Wall Street off guard and deepening concerns about the health of the labour market.
The Bureau of Labor Statistics reported a loss of twenty-three thousand nonfarm payroll positions, driven largely by a drop of fifty-three thousand government jobs, while figures for May and June were revised down by a combined hundred and three thousand.
New York City's labour market was already under pressure, with the comptroller's office reporting thirty-eight thousand private-sector jobs lost over the past year and the city's unemployment rate running above the national average.
Mitch Mccann reports from New York.
IN: “This jobs data...”
OUT: “...only 30,000 jobs.”
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Mitch Mccann, reporting from New York, says despite the weak employment figures, financial markets rose on expectations the Federal Reserve will now hold off on raising interest rates.
IN: “Now despite that...”
OUT: “...in the interim.”
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