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July jobs report shows payroll declines and lower wage growth

The report also included 103,000 negative revisions and wage growth of 3.2%, adding uncertainty to whether the Fed can justify a September rate hike.

Reported · Written up by our desk · Economy

HousingWire reports that the July 2026 jobs report showed nonfarm payroll employment falling by 23,000, alongside unemployment that was about 4.1 percent and employment that was broadly mixed by sector.

The outlet says the payroll data also came with 103,000 in negative revisions and wage growth of 3.2 percent, which it frames as a key input for how the Fed may weigh inflation progress versus labor market strength.

HousingWire notes that the debate over a September rate hike hinges on whether recent inflation data and the labor report weaken the case for tightening, even as unemployment sits near 4.1 percent.

The piece also cites a view attributed to Fed Governor Chris Waller before the July CPI release, arguing that after softer CPI and PPI readings and now a negative jobs print, the balance of arguments for hawks and doves could shift.

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