US employers unexpectedly cut 23,000 jobs in July
So much for that rock-solid labor market we were all promised.
Everyone was cruising along assuming the job market was doing totally fine, until US employers unexpectedly slashed 23,000 jobs in July. And just to make it extra fun, job gains for the previous two months were quietly revised downward to show they were actually much weaker than originally claimed.
Turns out that famous economic soft landing is looking a lot more like sliding down a flight of stairs.
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