US Employers Cut Jobs, Unemployment Rate Falls

Bureau of Labor Statistics data reveals US employers unexpectedly cut 23,000 jobs last month, following a 103,000 downward revision for May and June. While the unemployment rate fell to 4.1% due to sliding labor force participation and slower wage growth, US stocks jumped. This labor market cooling has raised hopes for an easier rate policy, with rate futures now indicating a decreased likelihood of a September rate hike following the latest employment figures.