U.S. economy unexpectedly loses 23,000 jobs in July

The U.S. economy unexpectedly lost 23,000 jobs in July, defying predictions of modest growth. Revised data for May and June show 103,000 fewer jobs created than initially reported. Although the unemployment rate dropped from 4.2% to 4.1% because fewer people sought work, this slowdown could complicate Federal Reserve interest rate moves in September. The Trump administration downplayed the report, citing federal downsizing and layoffs in World Cup hospitality as the primary causes for the decline.