Job Losses Reach 23,000 in US
In July, the U.S. labor market recorded an unexpectedly decline in the number of jobs, with over 23,000 non-farm positions lost. This triggered a strong market reaction, and the price of gold surged by more than 3.2%, approaching $4,362. Meanwhile, the unemployment rate decreased to 4.1%. However, this was accompanied by a decline in labor force participation, reflecting more people exiting the workforce rather than improvements in employment. Data shows that revisions to previous figures lowered the total jobs added in May and June by 103,000, indicating real challenges facing the U.S. labor market, which could influence the Federal Reserve’s decisions on interest rate hikes in the upcoming meeting.
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