Employers Cut Jobs in July as Unemployment Falls to 4.1% — Bloomberg Businessweek

Bullish Gator

US payrolls dropped 23,000 in July, May–June figures revised down 103,000; unemployment fell to 4.1% amid sliding labor force participation and slowing wage growth.

Editorial companion

What stands out

U.S. employers unexpectedly cut 23,000 jobs in July and prior months were revised down, even as the unemployment rate edged to 4.1% because labor force participation fell and wage growth cooled. Bloomberg convened economists and portfolio managers, including Kristina Campmany of Invesco, to parse whether this is a meaningful softening or a statistical quirk. For investors the clip matters because labor-market surprises like this reshape near-term Federal Reserve expectations and the flow dynamics that determine asset-manager performance, so hearing an Invesco voice reveals how big shops might reposition.