The unemployment rate (4.1%) edged lower in July as the US economy shed 23,000 jobs last month. Local government education (−50,000) and retail employment (−9,000) were among the largest contributors to the job losses in July, while health care jobs continued to trend up (+22,000). Notably, financial activity jobs (which fell by 14,000 in July) have declined by 121,000 since the most recent peak in May 2025.
Source: Bureau of Labor Statistics, as of August 11, 2026.