US labor market weakens as jobs fall by 23,000 in July, far below forecasts

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US labor market weakens as jobs fall by 23,000 in July, far below forecasts
Photo: LM Otero /AP/TT

Analysts had expected an average of 80,000 new jobs in July, according to Bloomberg's compilation of forecasts.

Wall Street futures rose slightly after the unexpectedly weak report, partly because analysts say it strengthens the case for the Fed to wait and see at the next interest-rate meeting.

This figure does not strengthen the Fed's argument that they need to raise interest rates, Nuveen's chief investment officer Saira Malik told CNBC.

In June, 20,000 new jobs were created, according to revised figures. Previous estimates were 57,000.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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