US employers unexpectedly cut 23,000 jobs last month, and Bureau of Labor Statistics revisions shaved 103,000 jobs off payrolls in May and June. This was in sharp contrast with analyst expectations of an almost 100,000 spike in jobs in July.
However, the unemployment rate eased slightly to 4.1% in July, down from 4.2% in June, mainly due to more people leaving the labour market.
